Despite shipments and revenues being virtually flat on the year, CEO Tim Cook talked up the success of what he called "continued robust demand" for the iPhone.
Apple CEO Tim Cook toldCNBC's Jim Cramer that Apple'sMac business grew by 20 percent in China during the quarter, and Apple saw other promising indicators in the market. "So I'm very excited about it", he said. Despite sales slowing down, Apple managed to increase the average selling price per iPhone, seeing it climb to $655, indicating that "Plus" and higher storage models are performing better overall.
IDC data suggested Apple only sold 44.9 million iPhone units in China in 2016, down 23.2 percent from 2015. iPhone shares in China also declined to 9.6 percent from 13.6 percent.
Investors can hit the snooze button for another 90 days, as Apple Inc.'s third quarter results and revised capital allocation program met analysts' expectations.
JPMorgan does little to justify its outlandish claim, simply stating that investors should expect weaker summer sales performance as customers await for a major upgrade in the fall.
"We're very optimistic about our future in this remarkable country with its very large, young and tech savvy population, fast-growing economy and improving 4G network infrastructure", Cook said.
Apple CEO Tim Cook announced today that the iPhone maker will be putting $1 billion of its roughly $256 billion cash hoard into a U.S. advanced manufacturing fund.
Earlier this week, Apple reported a rise in quarterly profit, which climbed 4.9 per cent to slightly more than $11 billion on revenue rising 4.6 per cent to $52.9 billion in the quarterly period that ended April 1.