Apple this evening brushed off suggestions that the iPhone party was coming to an end as it reported increasing sales and announced a $100 bn (pounds 73 bn) share buyback.

The world’s biggest listed company said revenues in the three months to the end of March grew by 16pc to $61.1bn, leading profits to grow 25pc to $13.8bn.

The results beat Wall Street expectations, leading shares in the company to jump in after-hours trading.

Unsettling reports from Asian suppliers in recent weeks have sent Apple shares falling as investors had feared that the latest iPhone models had not sold as well as once hoped.