Apple Q4 profit up on iPhone sales

Apple has posted revenue up 22 per cent in the three months to September compared with the same quarter last year.

The tech giant's revenue was $51.5 billion (£33.6 billion) during its fourth fiscal quarter, thanks to strong iPhone sales, with more than 48 million handsets sold in the period. It also reported a net income of $11.1 billion in Q3.

"The growth was fuelled by record fourth quarter sales of iPhone, the expanded availability of Apple Watch, and all-time records for Mac sales and revenue from services," the company said.

Apple's sales nearly doubled in China from a year ago to $12.52 billion. The company now has 25 stores in China and is opening a new one every month.

However, sales in the world's second largest economy were down on the previous quarter, when Apple recorded revenues of $13.2 billion. For the current quarter, Apple estimates global sales of between $75.5 billion and $77.5 billion.

13 million Iphone 6 and 6s sold

Last month, the Californian technology giant said it sold more than 13 million iPhone 6s and 6s Pluses during their first weekend on the market, in line with analysts' predictions.

The company beat its 2014 record of 10 million in sales for the previous generation of iPhones in its first weekend.

"Sales for iPhone 6S Plus have been phenomenal, blowing past any previous first weekend sales results in Apple's history," said Apple CEO Tim Cook in a press statement. 

"Customers' feedback is incredible and they are loving 3D Touch and Live Photos, and we can't wait to bring iPhone 6S and iPhone 6S Plus to customers in even more countries on October 9th."

However, Apple remained quiet about the performance of the Apple Watch and the iPad. In the second quarter of the year, the company shipped 10.9 million tablets compared with nearly 13.3 million a year ago.

The company's shares rose slightly in after hours trading today (October 28th), following the release of the company’s financial results. However, shares later dipped below their closing price of $114.55.