In today's
third quarter earnings report, Apple revealed a significant drop in
Revenue from
Greater China, which is down 33 percent year over year.
Revenue from
China was at $8.9 billion in Q3 2016, down from $13 billion in Q3 2015.
During the followup earnings call, Apple CEO
Tim Cook said the company continues to be encouraged about growth in the country despite the decline in
Revenue and remains "very optimistic about growth opportunities."
He said
Apple's underlying business is stronger in
China than the results imply, with the iPhone install base in the country up 34 percent year over year. Cook cited statistics from
China Mobile, one of the largest carriers in the country, which says it sells more iPhones than any other smartphone.
According to Cook, channel inventory reduction and currency headwinds have impacted business in the region and presented some significant eco**mic challenges. Despite this, Cook continues to feel "
really good" about
Apple's business in China, pointing towards the opening of the 41st retail store in
Greater China and a recent
$1 billion investment in Didi Chuxing.
With
Revenue in
China down 33 percent,
Europe has regained its
Position as
Apple's second biggest market after the United States, bringing in $9.6 billion in
Revenue during the quarter.
Tag:
China
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