Apple shares open 7.7% up following record quarterly profit

Apple's stock has opened 7.7% up after the company reported its highest ever profits, revenue and iPhone sales for the final three months of 2014.

Apple's stock opened at $117.60 having closed at $109.14. The stock is still short of its all-time high of $119 which it hit in November 2014.

The stock market jump, which was predicted by after-hours trading on Tuesday evening, was based on Apple posting the largest quarterly earnings in global corporate history, raking in $18bn (£11.8bn) profit during the final quarter of 2014, 40% up on the same period in 2013.

Apple sold 74.5 million iPhones, well above analyst expectations of 68 million units, with a significant number sold in China, where the iPhone has only recently been sold through official channels.

Apple plans to open more than 40 stores in China over the next 12 months.

The estimates for the current quarter were also above expectations with Apple predicting revenue of between $52bn and $55bn, with analysts expecting $53.17bn.

Apple announced that its Watch would not ship until April 2015, meaning it won't be included in the current quarter's revenue, though some predict Apple will launch a new 12in MacBook Air and/or a 12.9in iPad Pro during the quarter.