Apple CEO Tim Cook has sought to assure investors that iPhone demand remains strong in China.
has sought to assure investors that iPhone demand remains strong in China, where it’s grappling with the rise of Huawei Technologies and an increasingly uncertain business environment for US firms.
Overall revenue in greater China declined 2% from the year-earlier period — a steeper drop than Apple experienced companywide. And Apple shares declined more than 3% in late trading Thursday. But the iPhone continued to make inroads in the market, Cook said. That included notching a revenue record for mainland China during the quarter. The various iPhone models account for the four top-selling phones in urban China, he said.
Apple investors have grown skittish about the iPhone in China since the country widened bans of US technology in government workplaces. Shenzhen-based Huawei also just introduced a new model that is challenging the iPhone. And iPhone assembler Foxconn is under investigation by Chinese authorities on unspecified probes, casting another cloud over the business. On the call, Cook didn’t face any direct questions from analysts about the situation.The issues are central to Apple’s business.
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