Apple's revenue in China over the last three months plunged by 33 percent to $8.85 billion compared to the same period in 2015, making China lose the title of being Apple's second biggest market.

According to Apple Insider, the figure represents Apple's worst decline in major operating segments behind a 20 percent drop in Asia Pacific, 11 percent in the United States, and seven percent in Europe, which took over Apple's second spot with $9.6 billion in revenue over the most recent quarter.

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In spite of the revenue dip, Cook said that Apple's underlying business is stronger than what the results are showing.

"To keep things in perspective, when we look back on our accomplishments in this segment over the last couple of years, they are truly remarkable," he said, noting that Apple's total revenue in China increased by 55 percent to nearly $40 billion in the first three-quarters of this fiscal years from the same period two years ago.

Cook also revealed that the sale of iPhone units also went up by 47 percent. According to China Mobile, the biggest cellular provider by subscribership in China, there are more iPhones in use in the country than any other brands on its network. However, investors pay more attention to big sales numbers instead of iPhones in use.

Apple CFO Luca Maestri reassured investors that the company is expected to grow in Brazil, Canada, and Russia.

Apple was ordered recently by a Beijing court to stop selling its iPhone 6 and iPhone 6 Plus in the country due to copyright issues. Apple's iBooks and iTunes movie stores have also been shut down in China. Nonetheless, Cook said Apple will still continue to invest in China.

Tagsapple, china, Apple sales, iPhone