During the April to June quarter, Apple Inc’s revenues in India doubled.
The tech giant’s CEO Tim Cook, in his opening remarks, highlighted “June quarter revenue records in developed and emerging markets with double-digit growth in Brazil, Indonesia and Vietnam, and a new doubling of revenue in India”.
Speaking about Apple’s services business, CFO Luca Maestri said, “We set June quarter revenue records in both developed and emerging markets and set all-time records in many countries around the world including the US, Mexico, Brazil, Korea and India.”
Luca also highlighted how enterprise customers “are increasingly investing in Apple products as a strategy to attract and retain talent. Wipro, another large mobile enterprise customer is investing in MacBook Air with M1 as a competitive advantage when recruiting new graduates globally — thanks to its superior performance and lower total cost of ownership”.
With the new M2 chip powering MacBook Air and the 13-inch MacBook Pro, we expect more customers to make Mac available to their entire workforce, Luca added.
Responding to analysts on various factors driving iPhone strength, Tim added, “It’s the product and the innovation within the product that’s driving it. The other key variables such as the size of the installed base have been growing significantly. We also set a June quarter record for switchers with strong double-digit growth that is fuelling the additional install base.“
Impact across geograhies
He said, “We continue to execute across some significant geographies with low penetration of iPhones between Indonesia, Vietnam and India where we did quite well. iPhone tends to be the engine for those markets, particularly at the beginning of creating the market there for Apple products.”
The iPhone maker has been reporting flat quarterly growth in the Indian market over the past few quarters. In September 2021 earnings call, the company had flagged that it had doubled its sales in the Indian market.
Published on
July 29, 2022
