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Apple extends hot streak in China with US$14.6 billion revenue in quarter marred by supply chain disruptions
- Apple revenue in Greater China, which includes Hong Kong and Taiwan, was up 83 per cent in the quarter ended September 25
- That sales growth surpassed Apple’s 20 per cent increase in the Americas and 23 per cent gain in Europe during the same period
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US technology giant Apple reported net revenue of US$14.6 billion in Greater China during the quarter ended September 25, up 83 per cent from a year ago, to extend its hot streak in the region, despite costly supply chain disruptions.
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That sales growth in Greater China, which includes Hong Kong and Taiwan, surpassed the 20 per cent increase in Apple’s Americas operation and 23 per cent gain in Europe during the same period.
Analysts said the Cupertino, California-based company’s latest financial performance in Greater China continued a strong trend so far this year. The region was already Apple’s biggest growth market in the quarter to June, when the company posted a 58.2 per cent rise in revenue to US$14.8 billion.
“Apple’s performance in China is all the more remarkable because the global smartphone market has been relatively weak – we‘re talking growth of only about 6 per cent,” said Ivan Lam, a senior analyst at Counterpoint Research. He indicated that Apple has been dominating the high-end handset segment in China, which is the world’s largest smartphone market, as Huawei Technologies Co continues to struggle with US sanctions.
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iPhone 13 release sparks buying frenzy in China
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Apple’s strong financial quarter became a trending topic on Chinese microblogging platform Weibo. Posts and comments related to the topic’s hashtag garnered nearly 65 million views as of Friday afternoon.
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That response showed how consumers in the world’s second-largest economy have become invested in Apple, whose products have become status symbols in the country. These products are also supplied by contract manufacturers and component makers with long-standing operations in mainland China. The world’s largest iPhone factory, for example, is located in Zhengzhou, capital of central Henan province.
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