When Appleofficially launched its latest iPad in China last week, the big crowds and long lines seen at earlier such events were absent. A trademark dispute had delayed the iPad’s Chinese release but even in March, when the new tablet became available in the country through unauthorised resellers, retailers complained that they had to slash prices by 30 per cent in the first week because consumers were unenthusiastic.

Fears among some investors that Apple’s magic is wearing off in China, its second-largest market after the US, were compounded by last week’s third-quarter results. Announcing a rare miss of analysts’ overall revenues and earnings forecasts, Apple said revenue in Greater China slid 28 per cent to US$5.7bn in the three months to June 30 compared with the preceding quarter. The June quarter in 2011 had seen revenues from Greater China – which consists of China, Hong Kong and Taiwan – jump sixfold.

Although Chinese sales were still 48 per cent up from the same period last year, with iPhone sales doubling year-on-year, the dip has scratched the shiny surface of a seemingly invincible brand and raised questions about how well Apple is doing in its most important emerging markets.