Apple is celebrating after beating quarterly earning expectations with revenue of $51.5 billion - mostly thanks to selling 48 million new iPhones, Digital Spy reports.

The tech giant claimed its revenue was a new company record, and just above the $51 billion projected heading into the quarter.

Apple cited its matching projections of 48 million iPhones sold, in addition to increased availability of the Apple Watch and Mac computers, as contributing factors for the earnings increase.

The company also projects that it will take in as much as $77.5 billion in the current quarter, which coincides with the holiday shopping season.

Apple CEO Tim Cook celebrated the earning figures today: "Fiscal 2015 was Apple's most successful year ever, with revenue growing 28% to nearly $234 billion.

"This continued success is the result of our commitment to making the best, most innovative products on earth, and it's a testament to the tremendous execution by our teams.

"We are heading into the holidays with our strongest product lineup yet, including iPhone 6s and iPhone 6s Plus, Apple Watch with an expanded lineup of cases and bands, the new iPad Pro and the all-new Apple TV."

The highly-anticipated Apple TV will be hitting shelves imminently, with the product due to ship to customers this week.