Apple shares hit record high as iPhone X pre-sales fuel 19% rise in profits

• Apple worth over $868bn, close to making it world's first $1tn company
• CEO Tim Cook: 'This was our biggest year ever in most parts of the world'

Apple shook off production problems with its latest iPhone on Thursday to report a 19% rise in profits and record pre-sales of iPhone X, the day before its release. The company's share price hit a record high on the news, moving the company, now worth over $868bn, closer to becoming the world's first trillion-dollar company.

The tech company sold 46.7m of its flagship iPhones in the last three months, beating analysts' expectations and generating revenues of $28.5m - more than half the $52.6bn it earned over the quarter, which included the launch of the iPhone 8 at the end of September.