Apple sells more iPhones in China than in the US, according to analysts

The Financial Times reports that analysts expect Apple to confirm in its Q1 2015 earnings report that it managed to sell more iPhones in China than in the United States last quarter. iPhone sales in China accounted for about 36 percent of shipments in the quarter, compared to 24 percent of U.S. sales, according to UBSe analysts.

Tim Cook said in October that it was "only a matter of time" before China overtook the US as its largest market, and it looks like time may be running out sooner than expected – at least where the iPhone is concerned. Today, the Financial Times reports that analysts expect in Q1 2015 earnings that Apple will confirm that it managed to sell more iPhones in China than in the United States in the last quarter.

UBS analysts estimate that China accounted for 36 percent of iPhone shipments in the most recent quarter, compared to 24 percent in the United States. In the same period last year, 29 percent of units were sold in the United States and 22 percent were sold in China, UBS said.

The view was supported by Creative Strategies , which predicted that Apple sold approximately 2 million iPhones in China than in the United States in the final quarter of 2014 (Apple's first financial quarter of 2015.

While the forecast refers only to iPhone sales, rather than to Apple's total earnings, it would certainly be a big step towards the future that Cook has predicted. The iPhone accounts for more than half of Apple's revenue, and the largest share of profits.

Creative Strategies analyst Ben Bajarin believes this represents a turning point for Apple. "They will probably do better in China than in the US from here on out," he said. “And it certainly shows how important the Chinese market is to Apple's upside.”

Apple is opening stores in China at a rapid pace, with the most recent opening dating back to last week, the first of five new stores Apple plans to open between now and Chinese New Year on February 19th.