China Could Now be Apple's (AAPL) Largest iPhone Market

China might have just become the largest smartphone market for Apple (Nasdaq: AAPL) as sales continue to surge.

Bloomberg noted that iPhone sales in China may be shown to have surpassed the U.S. Shipments may have been 18 to 20 million units in China, versus 14 to 15 million in the U.S.

The iPhone 6 and iPhone 6 Plus have been a big hit in China and other Asian markets due to the larger display on the device.

Net income for Apple's fiscal Q215 should be $12.6 billion with revenue of about $56 billion, according to Wall Street analysts. EPS should be $2.16 with iPhone sales of 58.1 million units.

Investors will likely focus on Apple's cash allocation strategy and whether or not more buybacks are in the works.

Shares of Apple are up in early trading Monday.

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