When Apple reports its earnings on January 27, all eyes will be on iPhone sales.

That's because it'll be the first report that shows a full quarter's worth of sales for Apple's latest iPhones, the iPhone 5S and 5C. According to Fortune, which looked at dozens of analysts' estimates, Apple likely sold somewhere in the neighborhood of 55 million iPhones last quarter.

To put that in perspective, Apple reported that it sold 33.8 million iPhones during the third quarter of 2013. The anticipated spike in sales is likely because people were holding out for the new devices that launched in September and the annual bump due to holiday sales.

It'll also be interesting when Apple reports earnings for the first quarter of 2014. The company just started selling iPhones on China Mobile, the largest wireless carrier in the world with more than 700 million subscribers, last week. That should provide a boost.

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