Apple Sold More iPhones In China Than In US For The First Time
Apple recently beat Wall Street's revenue and profit forecasts as it managed to sell more iPhones in China than in the United States for the first time. However, the Apple did not provide any sales figure for its new Apple Watch.
According to Apple, the iPhone sales in China soared, increasing revenue in the country 71 percent to $16.8 billion. Part of the revenue and profits could be attributed to sales during Chinese New Year.
Chief Executive Tim Cook said that China's expanding middle class is fueling iPhone sales there, which is the bulk of the company's sales.
"From a demand point of view, it's hard to gauge when you don't have product in stores," said Cook on a conference call with analysts.
Apple sold 61.2 million iPhones in the quarter which is up 40 percent from the year-ago quarter. However iPad sales declined by 23 percent from a year ago and the company sold only 12.6 million units.
"A 60 million-plus iPhone number is a home run and will be cheered by the Street as this remains the bread and butter of Apple," said FBR Capital Markets analyst Daniel Ives.
Apple said net income for the fiscal second quarter rose to $13.57 billion, or $2.33 per share, from $10.22 billion, or $1.66 per share, a year earlier.
