So when China showed up on Apple’s earnings as having the second biggest revenue drop for the quarter (the rest of Asia Pacific was first with a decrease of 30 percent sequentially), investors got spooked. But visuals, like that created by Six Colors, makes the true scale of this number very easy to grasp. The fact that the company generated twice as much this year in China, in contrast to what it did last year, could be a sign of good things to come for the company. And in that regard, the company hasn’t failed to impress. But there too the story is quite remarkable: Greater China is now a bigger market for Apple than the whole of Europe, at $13.2B versus $10.3B.

The Americas are still significantly more revenue-bearing at $20.2 billion.

Apple Inc. (NASDAQ:AAPL) CEO Tim Cook announced that “Millions and millions of customer are already experiencing Apple Music and the number is growing substantially every day”, just weeks after the launch of the service a few weeks ago.

Mr. Cook has repeatedly made it clear in the past that China will surpass the Americas in revenue eventually and the new numbers further enforce that belief. In fact, if you look at this quarter’s earnings, revenue from China is down 21 percent quarterly, but up an fantastic 112 percent annually. Surprisingly, only 12% of the population has access to LTE, which is one of the main drivers of smartphone demand, but that hasn’t hindered the growth of the company in the region. Given a better economy and better infrastructure, the demand for the iPhone will clearly increase.

Speaking about Apple Watch, Cook said feedback has been “incredibly positive” and Apple has been happy with usage rates.

But the bigger factor is that, for all China’s success as a major economic power, it is still in some ways an emerging economy. We grew 90 percent-plus in India. This is one reason the stock market isn’t as excited about Apple’s earnings as you’d think. So we’re within that period at this moment. Brian White of Cantor Fitzgerald said that “despite the sharp sell off in Chinese equities, the company is ‘still in the midst of a transformational, super cycle.'” Steven Milunovich of UBS had also remarked that a slowing Chinese economy is a risk for Apple.