Apple Inc announced quarterly global profit growth of 31 percent on Tuesday (U.S. time) with earnings nearly doubling in China, saying that the company would continue to invest heavily in the country.
"Revenue in China nearly doubled year-on-year, and we continue to focus and invest heavily there," CEO Tim Cook said during an earnings conference call for the fiscal 2015 fourth quarter, which ended on September 26.
Quarterly revenue was $51.5 billion, up 22 percent year-on-year. Net profit was $11.1 billion, the company said.
"Fiscal 2015 was Apple's most successful year ever, with revenue growing 28 percent to nearly $234 billion," said Cook.
Apple's performance exceeded market expectations. Robust iPhone sales helped the company do well amid a slump in the global smartphone market, according to Apple's announcement.
Apple sold 48 million iPhones in the quarter, up 22 percent year-on-year, it said. The segment now accounts for about two-thirds of the company's revenue.
China, as Apple's second-largest market in terms of sales revenue, contributed greatly to its iPhone sales, said Apple.
Apple made $12.5 billion in China in the fourth fiscal quarter, up 99 percent and the highest growth rate among the company's global regions. Smartphone sales rose 87 percent in China during the quarter, said Apple.
"Apple is wise in considering the big market potential in China due to its huge population base, growing middle class and rising consumption capacity," Mo Dakang, an industry practitioner, told the Global Times on Wednesday.
"Domestic mobile phones are less competitive in brands and patents," Mo said. "The iPhone is a status symbol thanks to its relatively high price, and the Chinese like it."
Cook also noted that Apple plans to have 40 stores in China by the middle of 2016.
