Industry

Apple revenues from India nearly doubled in April-June, says Tim Cook

File photo of Apple CEO Tim Cook.

File photo of Apple CEO Tim Cook. | Photo Credit: Reuters

Technology giant Apple, which late on July 28, 2022 reported a 2% increase in revenues to $83 billion for April-June quarter, saw a “near doubling” of revenues in the India market, the company’s CEO Tim Cook said.

The company added that it logged record revenues in both developed as well as emerging markets, with revenues double digit growth in markets such as Brazil, Indonesia and Vietnam.

“We...saw June quarter revenue records in both developed and emerging markets with very strong double-digit growth in Brazil, Indonesia and Vietnam and a near doubling of revenue in India,” Mr Cook said in during the company’s earnings call on Friday morning.

He added that the company saw “great enthusiasm” for its products and services, resulting in an all-time record for the installed base of active devices (globally), and that the supply constraints were less than the company had anticipated at the beginning of the quarter.

Talking about the company’s services business, Apple CFO Luca Maestri added that “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.”

Mr Maestri added that 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.”

Replying to an analysts query on iPhone, Mr Cook added that “it's the product and the innovation within the product that's driving it. The other key variables such as 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. 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,” Mr Cook added.


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Printable version | Sep 15, 2022 12:51:35 am | https://www.thehindu.com/business/Industry/apple-revenues-from-india-nearly-doubled-in-april-june-says-tim-cook/article65698050.ece