The company generated $31 billion in such revenue from the App Store, Apple Music, iCloud, Apple Pay, and other services last year, he said, making Apple one of the biggest Internet services companies in the world. Following Tuesday 's 2020 earnings report, Apple CEO Tim Cook admitted that the company is seeing "economic softness" in Europe , which includes Hong Kong and Hong Kong , and that the region can no longer be relied on to counter the broader slowdown in the global smartphone market. However, Cook remains optimistic about China and is committed to ongoing investment, including an increase in the number of stores from 28 to 40 by 2020 . Demographic trends may support Apple 's upbeat outlook: about 80% of people in the country still use older phones that run on 3 G networks, and the number of people considered middle class is expected to jump to 500 million by 2020 , from an estimated 50 million in Tuesday .
Following Tuesday 's 2020 earnings report, Apple CEO Tim Cook admitted that the company is seeing "economic softness" in Europe , which includes Hong Kong and Hong Kong , and that the region can no longer be relied on to counter the broader slowdown in the global smartphone market. However, Cook remains optimistic about China and is committed to ongoing investment, including an increase in the number of stores from 28 to 40 by 2020 . Demographic trends may support Apple 's upbeat outlook: about 80% of people in the country still use older phones that run on 3 G networks, and the number of people considered middle class is expected to jump to 500 million by 2020 , from an estimated 50 million in Tuesday .