Apple Roars Back to Growth in China
Apple reported quarterly earnings on Thursday. The company said revenue in China was $9.8 billion during the fourth fiscal quarter, up 12 percent year over year and up 22 percent sequentially. The market share for iPhone, Mac and iPad had all increased in the last quarter, said CEO Tim Cook. Earlier this year, the company promoted Isabel Ge Maheto a new position as Apple’s vice president and managing director of greater China, reporting directly to Cook and Chief Operating Officer Jeff Williams.
Alibaba’s Earnings Jump as China’s Online Shopping Boom Continues
Alibaba has become one of the most highly valued technology companies in the world, and its recent string of strong financial results has signaled the continued rise of China’s internet industry and the heartiness of its hundreds of millions of online shoppers. The company said on Thursday that profit for its most recent quarter more than doubled compared with the same period a year ago, thanks in part to a 61 percent rise in revenue.
Source: The New York Times
Tesla Reaches Deal to Build Factory in China
Tesla has reached an agreement with the Chinese government in Shanghai to build a production facility in the city’s free-trade zone, potentially giving the carmaker a unique edge in the world’s largest market for electric vehicles. It is the first of its kind for a foreign car manufacturer, and could drastically cut production costs for Teslas sold in China – and the deal is expected to exclude the kind of technology-sharing agreements that can deter innovative international companies from setting up shop there.
Starbucks Bets Big on China
Starbucks may be in a tough spot, but it’s got a honeypot in the making—in China. The China-Asia Pacific region saw 8% comp growth in the fourth quarter, the company said in its earnings call Thursday, Nov. 2. In fiscal 2017, more than 550 stores opened in China, bringing the total count to 3,000 in 135 cities. Next year, China will account for half of the coffee brewer’s global growth.