On a trip to China on Thursday, Apple CEO Tim Cook claimed that “it’s just a matter of time” before the massive country “becomes Apple’s biggest revenue contributor,” noting that, despite slow iPhone and iPad adoption among Chinese consumers initially, demand for Apple products in China has “been really off the charts” this month.
“We’re investing like crazy in the market,” Cook said on the company’s fourth-quarter earnings call, according to Reuters. “When I look at China, I see an enormous market where there are more people graduating into the middle class than any nation on Earth in history.”
Following this, Cook announced that Apple is planning to open 25 more retail stores in China within the next two years, which would bring the total number to 40. This aggressive expansion in China is a result of Apple’s increased attempts to enlarge its global retail footprint. Apple CFO Luca Maestri said that of the 25 stores the company plans to open in 2015, around 75% of them will be overseas.
According to The Wall Street Journal, China is Apple’s third largest market behind the United States and Europe, and is arguably the most important growth driver for the company. However, its revenue growth in China was slowed significantly in the latest quarter, ahead of the release of the iPhone 6, because Chinese regulators delayed the release of the device until this month.
While on his trip, Cook stopped by one of Foxconn’s, the company responsible for the production of most of Apple’s products, manufacturing plants in northern central China. He also met with Chinese Vice Premier Ma Kai to discuss protecting user data following a report that Chinese hackers targeted its iCloud services, according to Businessweek. Meeting in Beijing, the two discussed increasing cooperation between Apple and China in regards to information and communication
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