iPhone shipments in China surged about 40% in May, significantly exceeding the 13% rise in overall smartphone shipments. Apple aggressively reduced prices and launched promotions before China's June 18 shopping festival, potentially impacting profit margins.
Improved China outlook and Apple's partnership with OpenAI helped boost stock by 13% in 2021 despite global shipment declines earlier. However, Apple's AI features might not be available in China as OpenAI awaits approval.
Apple's revenue in Greater China, including China, Hong Kong, Taiwan, and Macau, declined 8% last quarter, with $16.4 billion generated, accounting for 18% of the total revenue. Overall, the company experienced a 4% top-line decline.
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