Apple posts record revenue thanks to holiday sales of iPhone 7

• Revenue up 3% to $78.4m ending three quarters of decline
• Sales of iPhones slip 12% in China, Hong Kong and Taiwan

Holiday sales of Apple's iPhone 7 helped the tech company end three consecutive quarters of decline and deliver record revenue, the company announced on Tuesday.

Apple has struggled as iPhone sales have slipped in the face of fierce competition. The iPhone accounts for two-thirds of Apple's sales and Apple said sales of the new model helped lift total iPhone shipments 5% to a record 78.3m for the three months ending 31 December.