Technology giant Apple witnessed strong double-digit growth in emerging markets, including India, aiding the US-headquartered firm to post record third quarter revenues of $81.4 billion in April-June, 2020, quarter.
“We set a new June quarter revenue record of $81.4 billion, up 36% from last year. And the vast majority of markets we track grew double-digits with especially strong growth in emerging markets, including India, Latin America and Vietnam,” the company’s CEO Tim Cook said during an earnings call.
Mr. Cook added that the quarter saw a growing sense of optimism from consumers in the United States and around the world, driving renewed hope for a better future and for all that innovation can make possible. “But as the last 18 months have demonstrated many times before, progress made is not progress guaranteed. An uneven recovery to the pandemic and a delta variant surging in many countries around the world have shown us once again that the road to recovery will be a winding one,” he said.
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Mr. Cook noted that the total retail sales also set a June quarter record and almost all of the company’s retail stores have now opened their doors. For iPhone, he said, this quarter saw very strong double-digit growth in each geographic segment.
“We’re only in the early innings of 5G, but already its incredible performance and speed have made a significant impact on how people can get the most out of our technology,” Mr. Cook said, adding that the customers love iPhone 12 for its super-fast 5G speeds, A14 Bionic chip and a Dolby Vision camera never seen before in a phone.
Replying to a query, Mr Cook added, “...we had an incredible quarter for the Emerging Markets. In Q3, we set June quarter records in Mexico and Brazil and Chile, in Turkey and UAE and Poland and Czech Republic, India. Obviously, in China...Thailand, Malaysia, Vietnam, Cambodia, Indonesia...It’s a very long list.”
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