Apple CEO Tim Cook says China will become the company’s largest market, overtaking the U.S., as the Cupertino company adds more stores and considers debuting products in the country.
“I believe it will become our first,” Cook said in an interview with state-owned Xinhua News yesterday. No timeframe was given for the prediction. The Cupertino, California-based company had $5.7 billion of sales in China during the quarter ended September. U.S. revenue was about $14.4 billion, based on figures in an Oct. 25 earnings statement.
Cook met with the chairman of China Mobile Ltd. while visiting the country, seeking to boost cooperation with the wireless operator that has 707 million customers and no agreement with Apple to sell iPhones.
Cook said in the Xinhua interview that Apple intends to open “many more” outlets in China over the next several years. The company currently has 11 stores in China and Hong Kong. Cook also mentioned that he would “love” to introduce more products in China first, according to the report.
Apple’s growth in China has been limited by the fact it is working only with smaller carriers, and from competition from Chinese handset makers. It slipped from 4th to 6th in marketshare in the third quarter.
China Mobile has 64% of the nation’s mobile users. The carrier has said it needs to reach benefit-sharing agreements with Apple before it can begin offering the iPhone to its customers. The carrier also has a home-grown network that isn’t compatible with any other carriers.
