Apple makes $11B in Q4 on increased sales of iPhones

Apple sold 48.04 million iPhones in the fourth quarter, a strong result for the iPhone 6S that outstripped the39.2 million iPhones sold in the same period last year.

The tech giant reported earnings of $1.96 a share or $11.12 billion US, surpassing analysts' expectations of about $1.88 a share.

Apple also reported strength in China, where the new version of the iPhone didn't go on sale until October, a month behind the rest of the world.

It had revenue of $12.52 billion from Greater China (including Hong Kong), a result that is now larger than its revenue from Europe.

Total revenue in the fourth quarter was $51.5 billion, compared to $42.1 billion in revenue during the previous year. Much of the money comes from the iPhone, which brings in $32.2 billion.

The tech firm's projections for the coming quarter, which will include the important pre-Christmas sales, were $75.5 billion to $77.5 billion, just above last year's levels.

Apple sold 9.8 million iPads and had revenue of $4.28 billion from the tablet, which is facing competition from a bevy of low-cost alternatives.

Revenue from services, which includes iTunes and Apple Pay, was $5.09 billion.