Apple reports record $20 bn profit, iPhone X sales 'better than expected'

Apple reports record $20 bn profit, iPhone X sales 'better than expected' Apple's revenue in the final three months of last year increased 13 per cent to $88.3 billion

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Apple today reported a $20 billion profit in a record-setting quarter and said sales of its newest iPhone X smartphone were better than expected.

Revenue in the final three months of last year increased 13 per cent to $88.3 billion, according to the California- based technology giant.

"We're thrilled to report the biggest quarter in Apple's history, with broad-based growth that included the highest revenue ever from a new iPhone lineup," said Apple chief executive Tim Cook. "iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November."

However, Apple reported that overall iPhone sales in the quarter 77.3 million from were about a million fewer than the same period a year earlier.

But iPhone revenues rose 13 per cent from a year ago, suggesting its newer models were gaining traction.

The earnings come amid concerns over weak demand for the newest and most expensive iPhone X, the 10th anniversary edition of the iconic smartphone.

Apple also forecast that revenue in the current quarter would be between $60 billion and $62 billion in an outlook less rosy than analysts had expected.

Apple shares dipped and then rose two percent to $171.08 in after-market trades that followed release of the earnings figures.

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