Apple's shrinking China business was still worth $67 billion last year

When Apple opened its first China branch in Beijing in July 2008, iPhones hadn’t even officially launched in the nation, but people had reportedly started smuggling them in anyway. Now, just over 17 years later, Tim Cook’s company is shutting a store in China for the first time in history as the country’s appetite for all things Apple continues to wane.

Last year, Apple sales in Greater China slumped to $66.95 billion. While it sounds a little odd to talk of any company’s sales in a single region “slumping” to that level — it’s still about $20 billion more than Coca-Cola or Nike pulled in over the last fiscal year all told — Apple execs will be concerned that the figure’s down 8% from the year before and almost 10% from its peak in 2022.

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