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Apple's quarterly China sales dip 29% on 5G iPhone launch delay

Company confident new smartphone will perform well in the current quarter

The iPhone 12 has been well-received, but Apple still faces production disruptions due to the pandemic. (Photo courtesy of Apple) 

PALO ALTO, U.S. -- Apple reported record quarterly results on Thursday, defying supply chain disruptions and economic downtrends brought on by the COVID-19 pandemic. However, a delayed launch of the iPhone 12 -- the company's first 5G smartphone -- led to a sales plunge in greater China, a key revenue growth region for the U.S. tech giant.

For the three months ended Sept. 26, Apple posted 1% year-over-year total revenue growth to $64.7 billion, a record for a September quarter, thanks to strong demand for Mac and iPad products driven by the widespread adoption of working from home and remote learning. For the last 12 months, the company recorded $275 billion in total revenue, a 5.5% jump from last year.

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