APPLE reported earnings and revenue above Wall Street estimates late last night, proving its streak of success continued to rise during the crucial Christmas trading period and defying fears over the impact of coronavirus.

The iPhone maker reported a profit of $22.2bn (£17bn) for the three months to the end of December 2019, reaching a new all-time high.

Revenue came in at $91.8bn compared to analyst estimates of $88.5bn, a rise on nine per cent year on year and trouncing Apple's own guidance for the quarter.

New iPhone models powered much of its sales increase, as well as soaring demand for products such as its Apple Watch and Airpods.

The tech giant said for the upcoming quarter it expected revenue of between $63bn and $67bn, compared to analyst estimates of $62.45bn.

The beat cheered investors who had been seeking to evaluate how the Chinese epidemic could affect Apple's production in the region. Shares jumped more than 2.7 per cent in extended trading.

However the range of Apple's guidance had widened, which boss Tim Cook said was down to the unpredictable nature of the virus' rapid global spread.

(c) 2020 City A.M., source Newspaper