The story of Apple right now is the iPhone in China

Apple’s biggest growth drivers last quarter were familiar ones. Its iPhone business—long the company’s focus—grew by more than half, to $31 billion, on 47.5 million shipments. And its Greater China region sales continued their momentum, more than doubling to $13 billion—representing more than one quarter of the company’s revenue.

But it’s the intersection of the two that’s interesting. The iPhone in China has become the Apple story right now.

Apple didn’t...

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