In our recent post on Apple, we’ve stated that we believe the company’s quarterly result to be decent and that China will be the key growth factor. Yesterday’s result from Apple proved us right. iPhone shipments of 35.1 mil units easily surpassed the estimated 31-33 mil. As reported by Bloomberg, China has made up a growing slice of results since the introduction of the iPhone there in 2009. China accounted for $7.9 bil of revenue, which is 20% of the total. We expect this number to be growing at a faster rate than anywhere else. Some quick numbers from the quarterly result:

• Revenue – $39.2 bil
• Net profit – $11.6 bil (or $12.30 per diluted share)
• Gross margin – 47.4%
• Number of iPhones sold – 35.1 mil
• Number ...