Apple's first-quarter earnings report showed a decline in revenue in China. Apple CFO Luca Maestri (Luca Maestri) said that the company is not satisfied with the decline in revenue in China, but the Chinese market contains long-term major opportunities.
In the first fiscal quarter, Apple's Greater China (including mainland China, Hong Kong and Taiwan) revenue fell 13% year-on-year to US$20.8 billion, lower than analysts' average estimate of US$23.5 billion.
Maestri said in an interview: "We are not satisfied with the decline in revenue in the Chinese market, but we know that China is the most competitive market in the world.Longer term, we continue to see significant opportunities in China."
In addition to the unsatisfactory performance of the Chinese market, Maestri also warned thatApple's revenue growth may not be sustainable.In the first fiscal quarter, Apple just ended four consecutive quarters of revenue decline and achieved its first revenue growth in a year. But Maestri said,Compared with the same period last year, revenue in the second quarter may be difficult to achieve growth.In the same period last year, pent-up iPhone demand during the epidemic boosted Apple's sales by nearly $5 billion.