Apple now has its iPhone 5 supply under control, even as it introduces the phone into new countries. As such, one analyst has increased his iPhone 5 sales predictions for the quarter. Sterne Agee analyst Shaw Wu sent a note to clients on Tuesday in which he said he now believes Apple will ship 47.3 million iPhone units during the quarter, up from his original estimate of 46.5 million units. His iPad forecast remains the same at 25 million units.

"From our latest supplier checks, we continue to pick up improving yields and availability on iPhone 5 and thus improving profitability," Wu said. "From our understanding, this is the key reason why supply will likely be sufficient for a broader global launch starting in South Korea on December 7 and in China and more than 50 other countries throughout the second half of the month."

Wu also boosted his revenue prediction from $53.7 billion for the quarter to $54.6 billion as a result of the increased iPhone supply. The analyst is worried that demand for Apple's iPad mini is still too much for the company's supply, however, especially since the wait time for new units is still two weeks. Wu also said that he expects Mac sales to be light for the quarter due to iPad cannibalization and the late arrival of the new iMac.