Apple excels in China during Q1 2020 thanks to double-digit iPhone growth
Despite concerns over coronavirus, Apple managed a strong performance in China during the first fiscal quarter of 2020, driven in large part by double-digit iPhone sales growth.
In greater China, Apple's reported revenue returned to growth in 2020 with revenues of $13.58 billion, rising from $13.17 billion last year. That amounts to a 3.1% earnings growth rate year-over-year.
For the first quarter of 2020, China's revenue made up 14.8% of Apple's total revenue. While China itself has somewhat stabilized, its revenue still lags developed regions like the U.S. and Europe.
CEO Tim Cook in an earnings conference call on Tuesday noted that Apple saw double-digit iPhone growth within mainland China, adding that Apple held three of the top four spots for best selling phones in the region.
Going forward, Apple has a wide revenue prediction for China in the coming second quarter due to growing concerns and uncertainties surrounding the spreading coronavirus, CFO Luca Maestri said.
Be sure to check out other notes of interest from Apple's Q1 2020 earnings call.