Apple (AAPL) Gains Leverage to Strike Deal with China's Wireless Giant
Earlier, wireless giant China Mobile (NYSE: CHL) released results for its first quarter of 2013. Revenues were steady, rising 5.7 percent to RMB134.7 billion. Just about 16 million customers were added, bringing the total up to 726.31 million. Customers using 3G now number 114.4 million, up from 87.9 million in the same period last year.
But, one item sticks out more than others: profit. Net income rose just 0.3 percent to RMB27.879 billion in the period. The number follows net income improving 3.1 percent for all of 2012, according to the latest report from China Mobile.
China Mobile might be looking for ways to attract more consumers, or at least convert those on older networks to start using 3G capacity.
With Apple now offering financing deals on the iPhone, it might be the right time for Apple and China's largest wireless company to hatch a plan. The market is still a big one for Apple, with Greater China accounting for about 18.8 percent of total sales in the most recent quarter.
Shares of Apple are up 1.3 percent, while