Apple invests $1B in Chinese Uber competitor

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Uber's main competitor in China, another ride-hailing app called Didi Chuxing, just received a major boost from Apple: a $1 billion investment, reports The Wall Street Journal.

The investment is the single largest one Didi has received so far, and it's Apple's largest investment since acquiring Beats Electronics for $3 billion in 2014, according to the report.

Apple's investment in the Chinese market comes just weeks after the company reported a decline in revenue for the first time in 13 years, a loss that can largely be attributed to falling sales in the China market. 

However, Apple CEO Tim Cook is optimistic about China's economy and how Apple can continue to work with the country.

"Didi exemplifies the innovation taking place in the iOS developer community in China," Mr. Cook said in a statement, according to WSJ. "We are extremely impressed by the business they've built and their excellent leadership team, and we look forward to supporting them as they grow."

More articles on Apple:

Apple stock creeps below $90 
Steve Jobs' healthcare experience is the real reason for the Apple Watch 
Can Fitbit compete with Apple? 

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