Apple Excited About China Growth Potential

Apple reported record breaking earnings yet again on Tuesday, and is optimistic about its growth, as well as its prospects in China. The company plans to expand its retail presence in the country this summer, and to open some 25 stores by the end of 2011.

“We’re very excited about China, not only for retail, but for Apple,” commented company CFO Peter Oppenheimer during the earnings report.

Revenue in the country is up by about two times compared to the same period last year, and the iPhone is officially available in the country, too.

“But as regards for retail stores,” Mr. Oppenheimer said, “we will open two stores in Shanghai this summer, and would target having about 25 stores open in China by the end of calendar 2011.”

Apple posted a second fiscal quarter revenue of US$13.5 billion and a profit of $3.07 billion, or $3.33 earnings per share (EPS). The company a 33 percent year-over-year increase in Mac sales, and iPhone sales grew over 130 percent compared to the same time last year. 

Apple sold 2.94 million Macs during the quarter and 8.75 million iPhones, along with 10.89 million iPods, for a one percent decline year-over-year. The company’s revenue and profits represented both a record March quarter and a record non-holiday quarter.

APple is currently trading after hours at $258.40, up 13.81 (5.65%).