Apple profits beat year-long losing streak; still struggles in China

Samantha Delouya, CNN | 2/1/2024, 4:09 p.m.
Apple on Thursday reported a slowdown in sales in China, its third-largest market, but still posted profits that turned around …
Apple saw an upswing after four consecutive quarters of sales declines, and seen here are people at an Apple store in Shanghai, China, in September 2023. Mandatory Credit: Aly Song/Reuters

Apple on Thursday reported a slowdown in sales in China, its third-largest market, but still posted profits that turned around a year-long losing streak.

Revenue in China came in at $20.8 billion, a 13% decline from last year.

However, the company reported an overall upswing in net sales after four straight quarters of declines.

In a statement, Apple CEO Tim Cook said the company’s growth was fueled by iPhone sales and an all-time revenue record in the company’s services division.

“We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments,” Cook said.

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