Strong demand for new Macs lifted results, but chip shortages limited iPhone sales

Apple is expected to report roughly 20% growth in iPhone revenue as the popularity of the company's flagship device shows no sign of waning.

Cook is preparing to bow out after 15 years at the helm and hand over to John Ternus.

Strong demand for new Macs lifted results, but chip shortages limited iPhone sales

Apple posted its "best March quarter ever", according to outgoing CEO Tim Cook, with a revenue of $111.2bn – up 17pc year-on-year.

Apple is expected to gain more ground after its earnings report showed the iPhone maker has largely weathered headwinds like rising memory costs, analysts said.

On its quarterly earnings call, Apple said revenue growth in the current quarter would be between 14% and 17%, well above analysts' estimates.