Apple’s iPhone accounts for 52% of the overall profits for the entire mobile phone industry, according to a new report by Cannacord Genuity analyst T. Michael Walkley. The iPhone consisted of more than half of the industry’s profits in the last business quarter.

The iPhone 4S is expected to push Apple’s share of the mobile industry’s profits to 60% in the final quarter of 2011. According to the report, the iPhone 4S was the best-selling handset on Verizon, AT&T, and Sprint for the month of October.

In comparison to Nokia, the former champion of mobile phone profits, Apple has flipped the tables: In an epic reversal of fortunes, Mr. Walkley pointed out that in 2007, Nokia had 67% of operating profits while Apple had just 4%. Today, while Apple has 52% of industry profits, Nokia has been relegated its rival’s former position with just 4% of operating profits.

Apple’s increase in year over year profits soared 5% in the last quarter. It’s estimated that apple will sell 29 million iPhones this holiday season. Apple’s stock is expected to reach $560 per share by the quarter’s end.

The fact that the iPhone 4S was the best-selling handset on all three, major US carriers for the month of October is incredible, considering that the handset was only available for about half of the month. The iPhone 4S is on track to become the fastest-selling consumer technology product of all time. And the iPhone 4 is still hot, too. Cannacord Genuity says that the 2-year-old handset is still a “top-selling” device on all carriers.