Apple Continues To Expand In China
Apple Inc. (NASDAQ: AAPL) will open its 33rd Apple Store in Qingdao, China on January 30, according to an Apple Insider report on Monday. The tech giant is near its goal of opening 40 new Apple Stores in China by mid-2016, the report stated.
Shares of Apple fell over 15 percent the past three months.
China's largest MixC shopping mall will be hosting Apple's latest retail store, Apple said. The company currently has signed major commercial real estate lease investments with the MixC chain.
"CEO Tim Cook stated last year that he anticipates China to one day take over the U.S. and the UK as Apple's largest market, citing a growing middle class and strong regional demand for iPhone," the report added. "The numbers support Cook's statements, as Greater China generated $12.5 billion in revenue for the last fiscal quarter of 2015, up 99 percent year over year."
Apple is the largest U.S. company by market capitalization, and is scheduled to report its earnings on Tuesday after the close of the U.S. markets. Analysts expect Apple to report revenue of nearly $76.7 billion, up from $74.6 billion a year earlier for the December-ending quarter.
Apple 's guidance was between $75.5 billion to $77.5 billion in October.
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