Apple's operating profit in Korea reaches $680 million in 2016

Apple's operating profit in Korea reaches $680 million in 2016

South Korean unit of the U.S.-based tech firm Apple is estimated to post 800 billion won ($680 million) in earnings this year on the back of strong sales of its iPhone lineup, industry sources said Monday.

The operating profit of Apple Korea is expected to reach over 800 billion won with its sales to reach 3 trillion won, they said.

A total of 2.6 million iPhones were sold in South Korea as of November, they said, adding that the number is expected to reach 2.9 million by the end of this year. That accounts for about 15 percent of the South Korean smartphone market which sells around 20 million units annually. The sources said sales of iPhones in the local market account for more than 75 percent of Apple Korea’s revenues.

The company has never released its earnings report.

Apple released the latest editions of its iPhone lineup, the iPhone 7 and iPhone 7 Plus for sale across the country in October.

Source: http://www.koreatimes.co.kr/www/news/tech/2016/12/419_219959.html

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