Apple sees nearly 30% decline in revenue in China

The iPhone 7 is shown on display during an Apple media event in San Francisco, California,?on September 7, 2016. [Photo/Agencies]

Apple Inc saw a nearly 30 percent decline in its China revenue in the latest quarter ending in September, as the United States tech giant continues to struggle with tumbling iPhone sales.

The result, unveiled on Tuesday, is Apple's third consecutive decline in quarterly revenue and profit, highlighting the mounting competition it faces from local rivals such as Huawei and Oppo.

Apple recorded $8.79 billion in revenue in China in the latest quarter. Last year, the figure was $12.51 billion.

Globally, its revenue declined 9 percent to $46.85 billion and profit fell 19 percent to $9 billion, or $1.67 per share. That was in line with Wall Street analysts' expectations.

But Tim Cook, Apple's CEO, said consumers were excited about the firm's latest model iPhone 7 series, which would probably perform well in the upcoming holiday season.

"We're thrilled with the customer response to iPhone 7, iPhone 7 Plus and Apple Watch Series 2, as well as the incredible momentum of our Services business, where revenue grew 24 percent to set another all-time record," Cook said.

The firm forecasts that the revenue for the next quarter which ends in December will stand between $76 billion and $78 billion.