Apple’s CEO Cook sees China as a bright spot after record iPhone sales in the country, despite overall revenue drop

Apple's CEO, Tim Cook, remains optimistic about the company's future in China despite a slowdown in overall revenue. He asserts that the demand for Apple's flagship product, the iPhone, continues to be robust in the Chinese market. This comes after a record-breaking revenue from iPhone sales in the third quarter, even as Apple faces stiff competition from local Chinese brands like Huawei and Xiaomi. Apple, based in Cupertino, California, released its quarterly earnings report last week. The report revealed a fourth consecutive quarterly revenue decline but also highlighted record services revenue and third-quarter iPhone sales.

Amid escalating geopolitical tensions and reports of the new iPhone 15 lagging behind previous models in sales in China, Wall Street analysts have focused their attention on Apple's business operations in the country. Cook, during the earnings call, stated, 'In the September quarter, we set an iPhone revenue record in China, and we're very proud of that. Over the long term, I view China as an incredibly important market, and I'm very optimistic about it. ' The record iPhone revenue was achieved despite the iPhone 15 series being available for one week less in the third quarter compared to its predecessor in the same period last year.

Apple's quarterly earnings report for July to September showed a slight year-on-year drop in its revenue from the Chinese market. Cook attributed this to past disruptions in Mac computer and iPad supplies and current foreign exchange rates. Overall smartphone sales in China contracted by 3% in the third quarter, but this narrowed the year-on-year decline sequentially, indicating that the market might be nearing a recovery. Despite the unexpected release of Huawei's 5G Mate 60 Pro in late August, Apple's resilient revenue figures are a positive sign for the company and the iPhone 15 series.