Apple Set for Big iPad Mini Boost in China
Apple has enjoyed spectacular growth in China during recent years. The tech giant's revenue from Greater China, which includes Hong Kong and Taiwan, grew 48% year-over-year during its recent fiscal third quarter. Apple's revenue in the region, however, declined $2.2 billion to $5.7 billion sequentially, which it attributed to changes in channel inventory.
"We remain really confident about our plans and are very excited about our opportunity in China," noted Apple CEO Tim Cook, during Apple's third-quarter conference call.
Some analysts, however, have recently voiced their concern over a potential backlash against U.S. firms in China following the recent House Intelligence Committee report on Chinese firms Huawei and ZTE.
After resolving a trademark issue, Apple launched its new iPad in China in July, four months after the device made its U.S. debut.
Rumors continue to swirl about the iPad Mini's launch, with multiple media reports suggesting that the device could appear later this month. Apple shares were down 1.29% at $632.62 on Thursday. Shares of the Cupertino, Calif.-based firm have been weighed down recently by worries about supply chain issues and an iPhone estimate cut from analyst firm Piper Jaffray. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: tips@thestreet.com.Select the service that is right for you!
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