Apple’s could sell more than 500,000 new iPhones in its debut this weekend, driving Apple’s profits for the current quarter according to analysts.

The new phone, which will begin to sell on June 19 in eight countries, should be a spectacular success, reaching half a million sales before the new week, Piper Jaffray's senior analyst Gene Munster said.

Meanwhile, RBC’s Mike Abramsky said Apple could even sell up to 700,000 during the weekend as it compete with Research in Motion Ltd's BlackBerry and Palm Inc's Pre.

iPhone 3G S features aren't major improvements on the old version, however it faster and has an improved 3-megapixel camera, video capability, and better battery life.

Apple sold one million original iPhone 3G’s in its first three days after it launch on July 11, 2008 and has sold 6.9 million iphone during its fiscal 2008 fourth quarter.

It also posted second quarter net profit increase of $1.21 billion or $1.33 per share from 1.05 billion or $1.16 per share a year earlier. Revenue was $8.1 billion from $7.5 billion, in a year ago.

The new iphone 3G S will be available on 16 GB and 32 GB at $199 and $299 respectively, while Apple slashes the old iphone 3G to $99.

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