Apple posted its highest-ever net profit in Q4 as revenues surpassed forecasts to $111.4 billion (€92bn), driven by a 57 per cent rise in sales in China. Net profit rose 29 per cent to $28.8 billion.

Sales in all five of the $2.4 trillion company’s product categories grew at double-digit percentages, led by a 41 per cent gain in iPad sales and a 30 per cent climb in its wearables unit.

The iPhone – up 17 per cent – was still the group’s slowest growing category because of supply constraints and the delayed launch of its first 5G-enabled smartphones.

Apple doesn’t reveal numbers for its individual services – including Apple TV+. The company says that it has 620 million paid subscriptions across its services generating $15.8 billion. The total number of services subscribers were up by 140 million year-over-year.

“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” said Tim Cook, Apple’s CEO. “We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season. We are also focused on how we can help the communities we’re a part of build back strongly and equitably, through efforts like our Racial Equity and Justice Initiative as well as our multi-year commitment to invest $350 billion throughout the United States.”

By contrast Huawei was battered after the previous US administration blacklisted it on national security grounds, preventing overseas companies from supplying it with key parts including semiconductors. Shipments tumbling a record 42.4 per cent to 32.3 million.