Date
24 October 2017
Apple's new iPhone 6s should add to revenue growth this quarter in Greater China, the firm's second-biggest market. Photo: Reuters
Apple's new iPhone 6s should add to revenue growth this quarter in Greater China, the firm's second-biggest market. Photo: Reuters

Apple profit jumps 31% as Greater China sales double

Apple Inc. posted a profit of US$11.1 billion for its fiscal fourth quarter, up 31 percent from a year ago, fueled by sales of the iPhone, The New York Times reported.

Revenue was US$51.5 billion, up 22 percent. 

But the results released Tuesday, which exceeded Wall Street estimates, raised a perennial question for the world’s most valuable company: How can it keep its growth streak alive?

Apple’s performance was bolstered by sales of 48 million iPhones in the quarter, up from 39 million in the same period last year, but the firm was more cautious about sales for the key holiday sales period.

Sales in the region the firm calls Greater China jumped 99 percent in the quarter to US$12.5 billion.

The region remains the company’s second-largest market after the Americas, accounting for 24 percent of sales in the quarter, compared with 13.7 percent a year ago.

In an earnings conference call, chief executive Tim Cook said Apple’s revenue growth for the full fiscal year was equivalent to that of almost 90 percent of the companies in the Fortune 500.

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