Apple's Q1 sales in greater China rise 70% to $16.1 billion

Apple’s (AAPL.NASDAQ) offering of large-screen smartphones appears to have paid off as revenue for the first fiscal quarter in greater China rose 70% year-on-year to US$16.1 billion, The New York Times reported, citing a report from the company. The success, spurred by the introduction of iPhone models similar in size to many smartphones already popular on the mainland, increased overall profit to US$18 billion and revenue to $74.6 billion. Apple said it sold 74.5 million iPhones in the quarter, defying analysts’ predictions that sales would continue slipping due to fierce competition from domestic and regional makers.