A report recently published by Strategy Analytics revealed that the mobile industry earned a total of $9.4 billion in operating profits for the third quarter of 2016. The report disclosed that tech giant Apple was able to amass 91 percent of those profits, setting a new record not only for the company but the entire mobile market as well.

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Strategy Analytics reported that Apple earned $8.5 billion in sale profits in the mobile industry for the third quarter of the year. "Apple's ability to maximize pricing and minimize production cost is hugely impressive and the iPhone continues to generate monster profits," Strategy Analytics director Lina Sui wrote in the report.

On the second spot is Chinese smartphone manufacturer Huawei followed by fellow Chinese firm Vivo on the third spot. The report shows that Huawei earned an estimated $0.2 billion in the third quarter of the year while securing 2.4 percent of the overall operating profit share.

Vivo, along with OPPO which is in the fourth spot, each control secure 2.2 percent of the overall operating profit share amounting to $0.2 billion each.

Apple officially reported that the company was able to amass $46.9 billion in revenue in the third quarter of 2016. The company added that the iPhone sales record is at 45.5 million units. Despite Apple's deteriorating presence in China, which is currently considered as the biggest tech market, the company was able to offset the decline with its impressive growth rate in other markets, according to 9to5Mac.

South Korean tech giant Samsung was not seen on the top five of the Strategy Analytics report. This comes as no surprise since the company suffered heavy losses following the hardware problem encountered by the Galaxy Note 7 which prompted the company to recall and replace millions of units. According to CNBC, one reason why Apple was able to record an impressive profit is due to the current decline in the smartphone market