China powers Apple’s $18bn record profit

Apple’s quarterly results smashed Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season and a 70% rise in China sales, powering the company to the largest profit in corporate history.

The company sold 74.5m iPhones in its fiscal first quarter, ended December 27, while many analysts had expected fewer than 70m.

Revenue rose to $74.6bn from $57.6bn a year earlier.