Demand for iPhones helped Apple post record sales for the fourth quarter, surpassing Wall Street expectations.
The world’s most valuable public company, with a stock market worth of $3.5 trillion, reported overall sales of $94.9 billion in the three months to the end of September, beating analyst estimates of around $94.4 billion.
Sales generated by the iPhone, which typically amount to about half the company’s business, rose 5.5 per cent year-on-year to $46.2 billion.
Net income fell almost 36 per cent to $14.7 billion after Apple recorded a one-time income tax charge of $10.2 billion related to a European Union ruling over its tax affairs in Ireland.
Although Apple reported a strong quarter, investors showed their disappointment by marking the shares down 1.1 per cent