Apple is reporting a profit of almost 12.5 billion euros for the first three months of 2015, on the back of surging iPhone sales.

It is a rise of around a third on the same period last year.

Apple has boosted its revenue by 27 percent compared to the same quarter in 2014.

The technology giant sold more than 61 million iPhones, a hike of 40 percent on a year ago. But iPad sales were down by almost a quarter.

Revenue in China rose 71 percent to 15.46 billion euros, making it Apple’s biggest market behind the Americas.

Apple gave no sales figures for its recently released Apple Watch, but did say the current quarter was off to “an exciting start.”

The most valuable publicly traded US company says its raising its share dividend and boosting its share-buying programme amid the latest financial results.