Apple CEO highlights trade war concerns as tech giant approaches $1trn

Increased revenues thanks to iPhone X

Apple has reported a 32% year-on-year increase in profits to $11.5bn in its third quarter results, as the firm's value approaches $1trn, while CEO Tim Cook has warned of the "unintended consequences" of President Donald Trump's trade tariffs.

In its results for the three months to 30 June, released last night, the firm said revenue increased 17% to $53.5bn thanks to sales of the iPhone X and Apple Watch.  Some 41.3 million iPhones were sold during the quarter, which was below analyst expectations of 41.8 million, but Apple said it sold more of its expensive models such as the latest iPhone X model, which costs $999.  'Never underestimate Apple': Managers continue to back tech giant despite late iPhone X launch Services revenue, which includes Apple Music and iCloud, was $9.5bn, ahead of expectations of $9.1bn.  Apple...