Apple’s CEO Cook sees China as a bright spot after record iPhone sales in the country, despite overall revenue drop
- Apple’s iPhone sales reached a record in September quarter, including China, despite overall revenue drop for US tech giant
- CEO Cook expressed optimism about China despite tough competition, geopolitical uncertainties and regulatory challenges
Apple CEO Tim Cook has expressed optimism about China despite slowing overall revenue, stating that demand for its iconic iPhone remains strong in the country following record smartphone revenue for the September quarter, as the US tech giant faces increased competition from local brands such as Huawei Technologies and Xiaomi.
Cupertino, California-based Apple released its quarterly earnings report on Thursday, which showed a fourth consecutive quarterly revenue decline between July and September but also record services revenue and third-quarter iPhone sales.
Amid rising geopolitical tensions and reports that sales of Apple’s new iPhone 15 have been slightly behind sales of previous versions of the handset in China, Wall Street analysts zeroed in on Apple’s business in the country in Cook’s earnings call.
“In the September quarter, we set an iPhone revenue record in China, and we’re very proud of that,” Cook said. “Over the long term, I view China as an incredibly important market, and I’m very optimistic about it,” he added.
The record iPhone revenue came despite Apple’s latest iPhone 15 series being available for one week less in the third quarter compared with its predecessor in the same period last year.
While Apple’s quarterly earnings report for July to September showed that its revenue from the Chinese market saw a slight year-on-year drop, Cook said past Mac computer and iPad supply disruptions and current foreign exchange rates were the main contributing factors.
