Apple Inc., one of the world's technological front-runners, may lose ground in China as its revenues and net profits have been declining.

Tim Cook, the CEO of the leading firm, insisted that the company performs well in the Chinese market and they are in no need of a cut of investments in China (FXI, quote).

In the newly released fiscal report on June 25, 2016, revenues of Apple Inc. in China dropped by 33.1 percent year on year to US$8.85 billion in the third quarter of the fiscal year. The figure was almost half of the US$16.8 billion revenue generated in the second quarter of the last fiscal year when China replaced Europe as the second largest market of the firm’s top-end technological creations.

But the gloomy performance in the past few months in China has not dented the confidence of Tim Cook, who is upbeat regarding the company’s prospects in the markets in countries like China and India and promised not to reduce investments in China where there are 41 flagship retail stores.

According to the report, the global revenues of Apple Inc. (APPL, quote) in the third quarter of the fiscal year, reached US$42.4 billion yuan, roughly US$7.2 billion lower than the figure a year earlier, while the net profits slid by 27 percent year on year to US$7.8 billion.

The loss of revenues in China has made Europe resume second position as a market for Apple products sold across the world.

Content Curiosity of China.org.cn