10 Things We Learned From Apple's Q2 Financials

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9. Apple Is Growing In China

Despite stiff competition in the smartphone market from local companies like Lenovo, ZTE and Huawei, Apple enjoyed a strong quarter in China, thanks to the iPhone and iPad. Apple reported record revenue of $8.8 billion in the country.

"We actually had our best quarter ever in Greater China," Cook said. "The highlights for the quarter in China were that iPads grew 138 percent year-on-year, and we set new records for sell-through both for iPhone and iPad during the quarter."

Apple currently has 11 retail stores in China, and Cook said that number is expected to double in less than two years.

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