Before, Apple Inc. used to make its China consumers wait for three long months to get the latest iPhone gadget. Now, the company could no longer afford to leave its Chinese clients behind the new iPhone trends, according to a Bloomberg report.
For the first time, Apple would release the new iPhone handsets in China on the same day as the US, Japan and Europe would have full access to the gadget. The iPhone 5s and lower-cost 5c would go on sale on September 20 in 11 Apple stores in China and Hong Kong. The move was after the company tried to boost the sagging market share in China, the world's most populous country.
Apple's Chief Executive Officer Tim Cook had counted on iPhone customers in China to give the company a new boost. This was after Apple looked to reignite growth after a year of not releasing any new products. The goal was challenged by a diminishing technology edge versus Samsung Electronics Co. and lack of distribution agreement with the country's biggest carrier, China Mobile Ltd.
In 2012, Apple generated its annual revenue valued around USD156.5 billion. The company's total net income for the same year was at USD41.7 billion. This year, Apple's stock fell 8% in the first five days of trading after the prices of the new iPhone handsets were disclosed.
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