Indeed, in fiscal 2018, the company derived $51.9 billion from the region - a whopping 20% of its total revenue.
Step back from the gyrations of the moment, and there's an emerging strategy for Apple: Sell fewer iPhones and assorted devices such as Macs and iWatches at a higher price than mass-market rivals, and then flood those millions of users-who have more than average disposable income because they were able to afford those devices in the first place-with apps and content that they will pay for.
Apple is still one of the most profitable companies in the world, and Cook made sure to remind investors of that.
'We did not foresee the magnitude of the economic deceleration, particularly in Greater China, ' he said.More news: James Harden sinks 3-pointer to beat Warriors in OT
He said many companies have a lot of sales in China and will "be watching their earnings downgraded next year until we get a deal with China".
Other major exporters, including heavy-machinery manufacturers and tech companies like Intel and Microsoft, also took big losses.
"Expectations are high for Apple because they should be". While this achievement was widely celebrated, it wasn't long before the bad news started piling in, leading to a substantial decline in Apple stock. Build those plants in the United States. It also led to big drops overall in the US stock market, as well as other financial markets around the world.
But there are risks integrating 5G too early into high-end smart phones because the technology requires deeply re-designing the devices with multiple new antennas.
Still, the market seemed to be caught off guard.
The company had not decreased its quarterly revenue forecast in over 15 years before Wednesday.
Cook said the new iPhone models were released earlier than the flagship iPhone X last year, which created a hard year-over-year comparison. Analysts see it as a result of slow sales volume of the new iPhone Xs and XRs since their launch in September. Asian suppliers' stocks also fell, as did shares of Samsung.More news: Rangers close in on 18-month loan deal for striker Jermain Defoe
Apple isn't the only company facing difficulties in a slowing Chinese economy and escalating trade tensions. Investors fear a slowdown of the world's second largest economy, which has been under pressure from a trade dispute between Washington and Beijing.
"It's not going to be just Apple", CEA chairman Kevin Hassett said in an interview on CNN.
Companies that make heavy machinery such as construction equipment are facing less demand as China's economy, the largest in the world after the USA, loses strength.
Apple, indeed, has been hammered by China's lackluster growth and economic uncertainty posed by president Trump's tariff war.
The lack of a breakthrough product surely contributed to Apple's not-so-hot outlook.
Trying to see the glass half full, Cook noted that other divisions of Apple have risen by 19 percent year over year.
The yield on the 2-year Treasury note slid to 2.39 percent from 2.50 percent, and the yield on the 10-year note sank to 2.56 percent from 2.66 percent.More news: Sarri hints he wants Chelsea to sign striker after Southampton stalemate