Apple loses its bite: Why Chinese market is the key for the tech giant?

In a rare revenue warning, Apple has said sales in the latest quarter would fall as much as 10 per cent below a forecast it issued only two months ago

With more than 40 stores and hundreds of millions of iPhones sold in the country, few US companies have been as successful as Apple in China — or have as much to lose. China is Apple’s third-largest market, with nearly $52 billion in sales in the company’s most recent fiscal year, mostly from iPhone sales. 

Global stocks slumped on Thursday, as US futures pointed to heavy losses after Apple issued a rare revenue warning. The company said sales in the latest quarter would fall as much as 10 per cent below a forecast it issued only two months ago. iPhone sales could take a big hit from China slowdown.