Apple's iPhone sales hit record as it boasts of 'wonderful success' in China

Apple has once again provoked envy from the rest of the corporate world by reporting record iPhone sales and claiming that it has seen no sign of a slowdown in its crucial Chinese market.

Concerns about China’s growth have rocked financial markets of late, after a string of gloomy economic data and a stock market plunge.

But Apple said sales in Greater China hit $12.52 billion (£8.2 billion) in its fourth quarter, more than double the level of a year ago and making up a quarter of its total revenue.

The figure was slightly down on the third quarter, which analysts put down to more seasonal buying, but analysts still expect China will soon replace the US as Apple’s biggest market.

"We continue to have wonderful success there," Apple's chief financial officer, Luca Maestri, told Reuters.

Overall, sales in the three months to September 26 were up 22% to a record $51.5 billion, while net income hit $11.1 billion, in what has been described as Apple’s most successful year.

The company, which launched its new iPhone 6s and 6s Plus models in September, sold 48 million iPhones worldwide, setting a new fourth quarter record but missing expectations for 48.7 million.

Investors, however, were preoccupied by Apple's propsects for the key Christmas period.

Apple shares had gained around 3% on its results in after hours trading, but gave up that ground in later in the session.

Apple is up against tough comparisons, after last year's release of the hugely popular iPhone 6.

Sales of the device helped Apple to the most profitable quarter ever for a US company.

Apple is expecting revenue of between $75.5 billion and $77.5 billion for its current quarter, which will include a full three months of sales of the new iPhones.