What Happened: During the earnings call, Cook revealed that the sales decrease in Greater China was less than 3% on a constant currency basis, suggesting that over half of the decline was currency-related.
Despite the decrease, Cook pointed out several positive indicators. The iPhone install base in Greater China set a record, and Mainland China saw a June quarter record for upgraders. The Kantar survey for the quarter showed iPhones as the top three models in urban China.
Cook also mentioned that the majority of customers in Mainland China were buying Mac and iPad products for the first time. The iPad returned to growth in Greater China during the quarter, mirroring its performance worldwide, he said.
“We continue to be confident in the long-term opportunity in China. I don’t know how every chapter of the book reads, but we’re very confident in the long-term,” Cook stated.
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Meanwhile, Cupertino’s revenue increased by 4.9%, totaling $85.78 billion for the quarter, surpassing the average analyst estimate of $84.53 billion, according to Benzinga Pro data.
Price Action: Apple shares were slightly up in after-hours trading at $219.60, at the time of writing. The stock closed Thursday's session down 1.68%, ending at $218.36.
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