Here's What the New iPhone May Feature

NEW YORK (TheStreet) -- Now that Apple(AAPL) has reported record second-quarter earnings, speculation has ramped up about the company's most important product: the new iPhone.

Apple followed up its most successful quarter in history with its second-most successful, selling 35.1 million iPhones during the March quarter.

Channing Smith, portfolio manager at Capital Advisors Growth Fund, says Apple will continue to raise the bar with a 4G-enabled iPhone, which he expects in the fall.

"We expect it to have Near Field Communications (NFC), a larger screen and a better camera -- and it will be done without conceding battery life," Smith said in a recent interview. "Apple needs to continue to improve the competitive advantages it already has -- the way Apple has built its ecosystem is brilliant. They've locked so many users into their ecosystem -- that gives them an enormous advantage."

Intriguingly, Apple has filed a patent application for an iPhone made entirely of glass. This could be for the new iPhone, or a future version of the product.

It's not clear, though, what Apple will even call its new iPhone, especially after naming its third-generation iPad "the new iPad" instead of iPad 3.

Still, as we get closer (many are expecting an October launch given Apple's third-quarter guidance), the rumor mill continues to heat up. Here's what might be in the phone, expected to be released in the fall of 2012.

What the New iPhone Could Look Like