Apple ‘to invest’ in China to tap bullish prospects
Print Edition
APPLE Inc will continue “to invest” in China to tap 4G technology and a growing middle-class market although its Chinese sales grew slowly in the latest fiscal quarter.
Revenue of Apple China rose 14 percent year on year to US$18.4 billion in Apple’s first fiscal quarter ended on December 26, below Apple China’s nearly 100 percent growth in the previous quarter.
But the growth in the China market, its second-biggest regional market, was still higher than the 1.7 percent expansion globally in the quarter. Apple’s revenue in China accounts for 24 percent of its global income.
Apple Chief Executive Tim Cook said he is bullish on prospects in China and the company will continue to increase investment in the market.
China’s 4G users and a booming middle-class market, which is expected to hit 500 million in 2020 from 50 million now, will propel demand for iPhones and iPads over the long term, said Cook.
“We remain extremely bullish on China, and we’re continuing to invest. Nothing that’s happened has changed our fundamental view that China will be Apple’s largest market at some point in the future,” Cook said.
To underscore the point, Apple launched Apple Pay and Apple Music services on the Chinese mainland in 2015. It also plans to open more stores in the country.
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