Despite months of major fluctuations in the Chinese stock market, Apple still managed to have an outstanding quarter in China. During its fourth quarter, the company saw 99% year-over-year revenue growth in the Greater China region, which accounts for the company’s sales in China, Taiwan and Hong Kong.
In this final fiscal quarter of 2015, Apple’s revenue in China grew to $12.51 billion from $6.29 billion in 2014. Revenue in China again outgrossed that of Europe at $10.57 billion. The Greater China region remains Apple’s second largest market after the Americas, underscoring the critical importance of this area to Apple’s future growth.
Chinese sales of the iPhone are always a major segment of Apple’s revenues. Apple reported 48.046 million iPhones were sold worldwide in Q4. Notably, the iPhone 6s and 6s Plus launch in China last month was timed simultaneous with the U.S. release. Last year, the Chinese launch was staggered by nearly a month.
Apple noted that it now has 24 retail stores in China and plans to have 40 stores open by the middle of 2016.
Worrisome signs of a slowdown in Chinese demand in August led Apple CEO Tim Cook to pen a letter to CNBNC’s Jim Cramer, noting that the company had not seen any decreases in growth in the region midway through the quarter. The letter had largely satisfied investors.
“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 in China through July and August. Growth in iPhone activations has actually accelerated over the past few weeks, and we have had the best performance of the year for the App Store in China during the last 2 weeks.”
Apple’s shares are up around 3% in after-hours trading as of the time of writing.
Updating with information from Apple’s conference call.