The Cupertino, California-based technology giant sent a shudder through global markets after CEO Tim Cook's letter to investors released on Wednesday showed the company lowered guidance for this year's first-quarter on China's slowing economy and weaker iPhone and other device sales there.
Greater China was Apple's third-largest market in terms of revenue in the fourth quarter of 2018 — after the Americas and Europe — at $11.4 billion, according to company figures. The figure for Japan ($5.161 billion) and elsewhere in the Asia Pacific region ($3.429 billion), meanwhile, came to $8.59 billion. The company did not provide a breakdown for other countries.
Outside of China, Apple has done well in mature and wealthy economies such as Japan, South Korea and Singapore, where its pricey phones can be more readily afforded. But in the rest of Southeast Asia and India, where overall economies are growing but per capita incomes remain relatively low, the going has been tougher.