Apple’s Cook On China: ‘We’re Doing Everything To Understand’ The Market

Posted on Apr 24 2012 - 9:56pm by Editorial Staff

With the Apple’s recent conference call Q&A, questions have been asked regarding Apple on China. Piper Jaffray asks what’s up with China. Apple’s CEO Time Cook says Greater China revenue had a record quarter with $7.9 billion, driven in large part due to the fact that the iPhone 4S wasn’t available until January, so there was pent up demand. Also, the “halo affect” of the iPhone and iPad sent Mac sales up 60% in the quarter.

When it comes to China and the Asia-Pacific region, Apple has enough iPhones, but it doesn’t have enough iPads. “We’re still supply constrained” with iPads, Cook added. Offering a little macroeconomic analysis of China’s rising middle class and how it affects demand for Apple products. “We’re doing everything to understand” the market, he says.

The company posted quarterly revenue of $39.2 billion and quarterly net profit of $11.6 billion, or $12.30 per diluted share. These results compare to revenue of $24.7 billion and net profit of $6.0 billion, or $6.40 per diluted share, in the year-ago quarter. Gross margin was 47.4 percent compared to 41.4 percent in the year-ago quarter. International sales accounted for 64 percent of the quarter’s revenue.

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