Apple exceeds Wall Street expectations on record iPhone revenue as China sales surge

Apple CEO Tim Cook at the unveiling of the iPhone 12 Pro last October, which played a key role in helping the company beat Wall Street expectations. Picture: Apple/PA Wire

Apple on Wednesday reported holiday quarter sales and profits that beat Wall Street expectations, as new 5G iPhones helped push handset revenue to a new record and sparked a 57% rise in China sales.

Apple shipped its iPhone 12 lineup several weeks later than usual, but an expanded number of models and new look appear to have tapped into pent-up demand for upgrades, especially in China. The company also posted strong sales of its Mac laptops and iPads in the quarter, driven by consumers working, learning and playing from home during the pandemic.