“We have continued to experience strong growth for our business in China through July and August,” Cook wrote in an email to CNBC’s Jim Cramer Monday morning, adding that the pace of iPhone activations has accelerated over the past few weeks, and that the App Store had its best performance of the year over the last two weeks.
China now accounts for more than a quarter of Apple’s revenue. During the most recent quarter, Apple sold phones, iPads and computers worth more than $13.2 billion in China. Cook said Monday that the country still represents an “unprecedented opportunity” because of its growing middle class as a lot of growth potential for faster mobile Internet connectivity.
Apple’s stock fell sharply below $95 at the opening of the market Monday morning, only to recover to $104.13 as stocks across media and technology got battered as part of a global market slump.