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AAPL Stock News: Apple Pay is moving closer to a launch in China, a development that will accelerate the company's already ballooning profits in that country.
Apple stock was up nearly 1% in early trading today (Monday) to $115.
Chinese newspaper Wenhui News reported late last week that Apple Inc. (Nasdaq: AAPL) had registered a business entity in the Shanghai free-trade zone in June to run its Apple Pay business.
With iPhone sales growth slowing in markets like the United States and Europe, Apple has ramped up its efforts in China over the past year.
China has become a key source of revenue for Apple over the past couple of years. In the most recent quarter, revenue from China grew 112%, with iPhone unit sales rising 87%. Mac sales grew 33%, and App Store revenue doubled.
About the Author
David Zeiler, Associate Editor for Money Morning at Money Map Press, has been a journalist for more than 35 years, including 18 spent at The Baltimore Sun. He has worked as a writer, editor, and page designer at different times in his career. He's interviewed a number of well-known personalities - ranging from punk rock icon Joey Ramone to Apple Inc. co-founder Steve Wozniak.
Over the course of his journalistic career, Dave has covered many diverse subjects. Since arriving at Money Morning in 2011, he has focused primarily on technology. He's an expert on both Apple and cryptocurrencies. He started writing about Apple for The Sun in the mid-1990s, and had an Apple blog on The Sun's web site from 2007-2009. Dave's been writing about Bitcoin since 2011 - long before most people had even heard of it. He even mined it for a short time.
Dave has a BA in English and Mass Communications from Loyola University Maryland.