Tech Market: Apple Outperforms Chinese Smartphone with Impressive Sales and Record Subscriber Milestone

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Apple has triumphed over China’s weakened smartphone market, outperforming its competitors in the calendar second quarter, which saw an overall 8% decline in smartphone sales to their lowest levels since 2014, according to Counterpoint Research. Contrary to the trend, Apple’s iPhone sales in China experienced a remarkable increase in double digits, leading to a surge in the company’s Greater China region sales, reaching $15.76 billion, up from $14.60 billion in the same quarter last year.

Tim Cook, the CEO of Apple, revealed that the company’s outstanding performance was driven by attracting a record number of switchers to the iPhone and robust upgrader activity. Additionally, Apple set quarterly records for wearables, home, and accessories, as well as services in the Chinese market.

While Apple’s iPhone sales of $39.67 billion fell slightly short of analyst expectations, Cook highlighted that the installed base of iPhones reached a new high, though specific figures were not provided. Despite facing challenges from the slowing growth of the smartphone market, Apple’s impressive quarterly results have piqued the curiosity of industry insiders, who are eagerly anticipating any potential announcements related to Vision Pro or AI advancements during the earnings call.

In the services segment, Apple exceeded expectations with $21.21 billion in revenue, which includes its Apple TV+ service, now carrying Major League Soccer. Cook proudly announced that Apple’s platform now boasts a staggering 1 billion subscribers, encompassing both Apple services and third-party apps.

The wearables business, which includes the Apple Watch and AirPods, also demonstrated strength, generating $8.28 billion in revenue, only slightly below analyst estimates. Meanwhile, Mac and iPad sales exceeded expectations, bringing in $6.84 billion and $5.79 billion, respectively. Cook revealed that almost half of the Mac buyers during the quarter were new to the product, further fueling momentum with strong upgrader activity to Apple Silicon.

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