Apple reported record profits £14bn in quarterly profits.

Apple reported a record $20bn (£14bn) in quarterly profits, driven by strong growth in Japan and Europe, the result was a glimpse of sales figures for Apple’s expensive iPhone X. Tim Cook, CEO said demand for the product which starts at £1000 had surpassed expectations.

Quarterly sales at Apple climbed by 13 per cent year-on-year to a record $88.3 bn (£62.07), after an initial fall, Apple shares climbed more than 3 per cent in after-hours trade.

The overall number of iPhones sold in the period slipped by 1 per cent year-on-year to 77.3 million, the iPhone X had been the top-selling Apple handset every week since its launch, according to Mr. Cook.

When Apple on Thursday reported a 1 per cent drop in overall iPhone unit sales in the first quarter that the new model was available, Apple fell £3m short of investor expectations that sale would be more than $80m, because of movement of stock through the retail channel and the timing of the iPhone X launch. Despite the drop in unit sales, iPhone revenues leapt to 13  per cent helping the company to amass record profit of $20.1bn.

Apple overtakes Samsung as largest smartphone maker in Q4 of 2017. Apple’s Q4 sales gave the company a 19.2 per cent market share as compared to Samsung’s 18.4 per cent.