Apple announced staggering earnings today, posting $18 billion in profit on $74.6 billion in revenue, driven by the sale of 74.5 million iPhones. That's a record for a corporate profit in a single three-month period. Those sales figures are global, but there is one part of the world that is far and away the biggest driver of Apple's growth: China. Revenue in Greater China was up 157 percent over last quarter and 70 percent year over year, more than double the acceleration seen anywhere else and more than three time the sales growth in Asia or the Americas.
Apple has a strange identity in China. iPhones are seen as a status symbol by the rising middle class, who have been snapping up the devices faster than anyone else. The company...
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