Apple reported its fourth consecutive quarter of double-digit growth in greater China, with revenue increasing 19 per cent year-on-year in fiscal Q3 (calendar Q2) to $9.55 billion driven by strong sales across all product categories.
In an earnings call, CEO Tim Cook said iPhone gained market share in greater China (which includes Taiwan and Hong Kong), with double-digit growth during the period.
A report from Counterpoint Research showed the iPhone share in mainland China inching up to 9 per cent in calendar Q2 from 8 per cent in the 2017 quarter, despite shipments remaining flat. The iPhone X and 8 Plus were the third and fourth best-selling models in China during the quarter, when total smartphone shipments declined 7 per cent year-on-year.
Cook said: “If you look more holistically at our complete line, we had double-digit growth from services to iPad to iPhone and to our Other Product category. The watch did extremely well, so there are lots of good things happening there [greater China].”
The region was the US-based company’s second fastest growing market after the Americas, which grew 20 per cent during the quarter and its largest market by a significant margin.
Rest of Asia
Revenue growth in the rest of Asia was also brisk, increasing 16 per cent year-on-year to $3.17 billion. Growth in Japan slowed from the previous quarter with revenue increasing 7 per cent to $3.87 billion.
As part of its commitment to address climate change and increase the use of renewable energy in its supply chain, Cook said Apple last month announced a first of its kind energy investment fund in China.
“Initially, ten suppliers will join us in investing nearly $300 million over the next four years into the China Clean Energy Fund. The fund will invest in and develop clean energy projects totaling more than 1 gigawatt of renewable energy in China, the equivalent of powering nearly 1 million homes,” he explained.
For a full breakdown of Apple’s overall performance and earnings during the quarter, click here.