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Apple's cash reserves have passed the $200 billion mark for the first time, reaching $203bn in the three months to September.

It comes after the tech giant reported a 22% rise in revenues to $51.5bn (£33.6bn) in its fourth quarter. It posted a profit of $11.1bn, which resulted in 2015 being the company's best ever year, Apple said.

Much of the revenue growth from driven by iPhone sales. Apple sold 48 million handsets during the period, which signified "record fourth quarter sales", despite missing analysts' expectations.

Apple's focus on the Chinese market - the largest smartphone market in the world - also seems to have paid off. Around a quarter of its sales now come from China as Apple opens a new store every month. Revenues from Chinese sales nearly doubled in its final quarter to €12.5bn.

"The growth was fuelled by record fourth quarter sales of iPhone, the expanded availability of Apple Watch, and all-time records for Mac sales and revenue from services," Apple said.

Apple is now predicting global sales of between $75.5bn and $77.5bn for the current quarter, the first of its new financial year.