Apple's revenue from China feels heat of local rivals

Apple Inc announced on Tuesday a steep decline in revenue from China in its third fiscal quarter of 2016, as iPhone sales dropped due to fierce competition from local rivals.

The company said its sales in China in the third quarter, which ended on June 25, reached $8.8 billion, down 33 percent from $13.2 billion a year earlier - marking its highest decline among all regions.

During a follow-up earnings call, Apple CEO Tim Cook blamed the current economic environment in China for the disappointing performance. But the company remains "very optimistic about growth opportunities" and will continue to invest in China, he said.