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Apple revenue lags Street’s view despite strong China growth

23
Jul
2014

By Christina Farr and Edwin Chan SAN FRANCISCO (Reuters) – Apple Inc posted a smaller-than-expected 6 percent rise in quarterly revenue on Tuesday, but revenue surged 28 percent in greater China despite stiff competition in its third-largest market. It sold 35.2 million iPhones in the June quarter, a rise of about 13 percent that was in line with analysts projections, helped by a strong performance in an Asian market considered crucial to Apples longer-term growth prospects. Chief Executive Tim Cook told analysts on a conference call that Apples Chinese performance was honestly surprising. Unit iPhone sales jumped about 48 percent and Mac computer sales rose 39 percent in the June quarter, Chief Financial Officer Luca Maestri said in an interview. This month, Samsung Electronics Co Ltd estimated April-June operating profit far below most analysts forecasts, as its Galaxy S5 sold more slowly than expected in the face of severe competition.    We have a really good runway in front of us with China Mobile, Maestri said, referring to Apples main carrier partner in the worlds No. 2 economy.

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