Apple reports $20 bn profit in record-setting quarter

San Francisco (AFP) – Apple on Thursday said it made $20 billion profit in a record-setting quarter and said sales of its newest iPhone X smartphone were better than expected.

Revenue in the final three months of last year increased 13 percent to $88.3 billion, according to the California-based technology giant.

“We’re thrilled to report the biggest quarter in Apple’s history, with broad-based growth that included the highest revenue ever from a new iPhone lineup,” said Apple chief executive Tim Cook.

“iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November.”