How badly did Apple miscalculate China?

Written by on January 27, 2016 in News with 0 Comments
Cook on China

Apple Chief Executive Officer Tim Cook poses for a portrait during a event for students to learn to write computer code at the Apple store in the Manhattan borough of New York in this December 9, 2015, file photo. REUTERS/Carlo Allegri/FILES

(Reuters) – Apple Inc CEO Tim Cook has been generally bullish on the prospects in China over the last year, but the latest quarterly results released Tuesday show the company faces headwinds in its second-biggest market.

Following are quotes from Cook on China over the last year:

* Apple earnings call, October 27, 2015

“I think that there’s a misunderstanding, probably particularly in the Western world about China’s economy, which contributes to the confusion. That said, I don’t think it is going as fast as it was, but I also don’t think that Apple’s results are largely dependent on minor changes in growth.”

* In letter to TV show host and former hedge fund manager Jim Cramer, August 2015

“I get updates on our performance in China every day, including this morning, and I can tell you that we have continued to experience strong growth for our business there through July and August. Growth in iPhone activations has actually accelerated over the past few weeks. … Obviously I can’t predict the future, but our performance so far this quarter is reassuring.”

* Apple earnings call, July 21, 2015

“We remain extremely bullish on China and we’re continuing to invest. Nothing that’s happened has changed our fundamental view that it will be Apple’s largest market at some point in the future.”

* Apple earnings call, April 27, 2015

“We set a record in China for revenues. … And so we – by everything I can see, we did extremely well. … We’re really proud of the results there and continue to invest in the country.”

* Apple earnings call, Feb 10, 2015

“That country (China) has enormous opportunity. There’s such an amazing number of people that are moving into the middle class. It’s something like I’ve never seen in my lifetime before.”

(Editing by Stephen R. Trousdale and Miral Fahmy)

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