Apple sees China revenue shrink 26%
Print Edition
APPLE said its China revenue shrank 26 percent year on year in the quarter ended on March 26 as sales of iPhones and its market share in China — Apple’s second-biggest regional market — both declined.
Its revenue in China, a major growth engine and revenue contributor for Apple, was US$12.5 billion in the quarter.
Apple Chief Executive Tim Cook noted that the bulk of the revenue drop for Apple in China was in Hong Kong, where its currency linked to the strong US dollar crimped sales while the company fared better on the Chinese mainland.
But Apple is losing its share in the mainland market as it faces domestic brands like Xiaomi, Huawei and Oppo. At the end of the first quarter, iPhone’s share was around 12 percent, down from 15 percent a quarter earlier, said US-based research firm IHS.
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