Apple has posted record fourth quarter sales and exceeded Wall Street expectations helped by strong demand for iPhones.

The giant reported sales of $94.9billion in the three months to the end of September, beating analyst ­estimates of around $94.4billion, The Times has reported.

Apple's iPhone sales, which tend to make up around half of the firm's business, were up 5.5% year-on-year to $46.2billion,

However, net income dropped steeply by nearly 36% to $14.7billion after it recorded a one-time income tax charge of $10.2billion related to a European Union ruling regarding its taxes in Ireland.

And investors marked Apple shares down 1.1% to $223.48 in after-hours trading in New York.

Apple remains the most valuable public company in the world with its stock market worth an eye-watering $3.5trillion.

FTSE 100

The UK's flagship share index, the FTSE 100, was up nine-points at 8,125 shortly after opening this morning.

Brent crude oil futures were up 2.05%, trading at $74.30 a barrel.

Companies reporting today

Chevron*

Q3 Results

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