Apple reports its second quarter results for the three month period to the end of June later today, and all eyes will be on the number of iPhone 6 and 6 Plus handsets it sold during the quarter.

Analysts expect the number to come in at well over 50 million and possibly to be as high as 55 million as quarterly sales in China are expected to exceed those in the US for the first time, boosted by gift-giving over the Chinese New Year period.

A cheaper mid-cycle iPhone 6s is expected to be announced in September. 

The market will also be looking for updates on the sales performance of the recently-launched Apple Watch.

In the past landmark product launches have been followed by the releasing of positive sales figures, but no official data has been released regarding sales of 'the watch.'

Apple Watch sales are likely to be included in the 'other products' category of the report.

iPad sales are expected to continue to fall - perhaps by as much as 20 percent to 13.6 million as large-screen smartphones continue to replace tablets. 

Most analysts expect net income or operating profit of around $12.5bn for the quarter, on sales of $56bn.

Shares have surged, up by 6 percent in the last week in anticipation of the results, year-on-year they are up by 40 percent.