“Apple Inc posted a smaller-than-expected 6 percent rise in quarterly revenue on Tuesday, but revenue surged 28 percent in greater China despite stiff competition in its third-largest market,” Christina Farr and Edwin Chan report for Reuters. “It sold 35.2 million iPhones in the June quarter, a rise of about 13 percent that was in line with analysts’ projections, helped by a strong performance in an Asian market considered crucial to Apple’s longer-term growth prospects.”
“Chief Executive Tim Cook told analysts on a conference call that Apple’s Chinese performance was ‘honestly surprising,'” Farr and Chan report. “Unit iPhone sales jumped about 48 percent and Mac computer sales rose 39 percent in the June quarter, Chief Financial Officer Luca Maestri said in an interview. Lower-cost phones sold there by up-and-coming rivals such as Xiaomi appeared to be grabbing market share mainly from other companies that rely on Google’s Android software, he added.”
“Sales of iPads, which like smartphones are coming under growing pressure from Android rivals, at 13.3 million fell a little short of analysts’ projections for more than 14 million,” Farr and Chan report. “Net income jumped 12.2 percent to $7.75 billion, or $1.28 per share. That beat expectations for $1.23 and was its best quarterly growth in EPS in seven quarters.”
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