• by Gavin O'Malley , Staff Writer @mp_gavin, July 29, 2011

Apple is now the world's No. 1 smartphone vendor, beating out both Nokia and Samsung, according to new findings from research firm Strategy Analytics. "Meanwhile, in a separate report, IDC noted that Apple's share of the overall handset market more than doubled in the second quarter rising to 5.6 percent from 2.6 percent a year earlier," notes All Things Digital. "That makes it the world's fourth largest manufacturer of all mobile phones after Nokia, Samsung and LG."

And, as if that wasn't enough, Apple's $76 billion cash war chest is now greater than the U.S. government's current operating balance of $74 billion, the Financial Post reports. "This past quarter has been very good to Apple," writes VentureBeat. "That much is clear." "In four short years Apple has become the smartphone maker to beat," marvels PCWorld.

"Apple stunned Wall Street when it released its quarterly results last week," recalled AppleInsider. "The company revealed that it had sold 20.34 million iPhones and 9.25 million iPads in the June quarter." Meanwhile, global smartphone shipments grew 76% over last year to reach 110 million units in the last quarter, according to Strategy Analytics. Also of note, The Financial Post pointed out that Apple's cash reserves and the government's number are not directly comparable. The U.S government's operating balance symbolizes how much room it has left before hitting an arbitrary debt ceiling.