In a bid to strengthen Apple Inc.‘s AAPL position in China, CEO Tim Cook recently met with the country’s Minister for Industry and Information Technology, Jin Zhuanglong.
What Happened: Cook’s visit to Beijing this week included a meeting with Jin, who expressed his hope for Apple to expand its presence in China and collaborate with local companies, the ministry announced on Wednesday, reported Reuters.
This is Cook’s second visit to China this year. During his trip, he shared his experiences on Weibo, a Chinese social media platform, where he visited an organic farm and explored ancient neighborhoods with local artists.
China, the world’s largest smartphone market, has seen Apple’s market share decline in recent quarters, with domestic competitors gaining ground. Despite this, the latest iPhone models saw a 20% increase in sales during the first three weeks of their launch in China, according to the report.
Why It Matters: Apple’s performance in China has been a topic of interest in recent months. In August, Cook expressed optimism about Apple’s future in China, despite a 6.5% drop in revenue. He described China as “the most competitive in the world.”
However, in May, Cook acknowledged the challenges faced by Apple in China, which led to a decrease in revenue to $90.75 billion for the quarter ending Mar 30.
Apple has been working on ways to navigate China’s strict regulations to introduce its AI technology, Apple Intelligence, in the country, as suggested by Apple’s senior vice president of software engineering, Craig Federighi.
He acknowledged the challenges posed by the regulations but confirmed that Apple has initiated the process to bring its AI capabilities to China.
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Photo courtesy of Apple
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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