Companies

Apple doubles revenue in India in June quarter

    0
    Share on Facebook Share on Twitter


    NEW DELHI: Apple Inc doubled its revenue in India in fiscal third quarter and posted double-digit growth in Brazil, Vietnam, and Indonesia, the Cupertino-based company said in its quarterly results, announced Thursday.

    “We also saw June quarter revenue records in both developed and emerging markets with very strong double-digit growth in Brazil, Indonesia, and Vietnam, and doubling in India,” Apple chief executive Tim Cook said during the call.

    According to CyberMedia Research (CMR), Apple shipped over 1.2 million iPhones in India in the second quarter, an increase of 94% year-on-year (YoY).

    This comes on the back of record growth for Apple in India last year when it doubled its smartphone market share and shipped its highest ever, at 6 million, iPhones in a calendar year. Though Apple’s market share is still 4% of the overall smartphone market, it is now ranked 7th in the list of top smartphone brands in India, as per IDC.

    In April, industry analysts told Mint that Apple will grow faster than the rest of the smartphone market. They estimated a 25% shipment growth for Apple in India in 2022.

    Despite rising inflation and slump in demand for consumer electronics especially PCs and smartphones, Apple saw record growth in its global revenue and net profit in the June quarter.

    iPhone and Services revenue were the key drivers of growth for Apple, even as revenue from Mac, iPad, and wearables declined.

    Revenue from the iPhone business during the quarter rose 3% YoY to reach $40.67 billion, accounting for close to half of Apple’s overall revenue, which stood at $83 billion, up 2% YoY. Apple reported a profit of $19.4 billion in the June quarter.

    Revenue from services business grew 12% YoY to reach $19.60 billion. Apple Services includes Apple Music, TV+, Arcade, Fitness, and iCloud.

    The slump in electronic demand was more evident in results for Mac and iPads. Revenue from Mac fell 10% YoY to reach $7.38 billion, while iPad revenue was down 2% YoY at $7.22 billion during the quarter.

    Catch all the Corporate news and Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates & Live Business News.

    More
    Less

    Subscribe to Mint Newsletters

    * Enter a valid email

    * Thank you for subscribing to our newsletter.



    Originally Published Here -Source link

    0 0 votes
    Article Rating

    Biden-Xi make plans to meet, U.S. official says, Xi warns on Taiwan

    Previous article

    You may also like

    More in Companies

    Subscribe
    Notify of
    guest
    0 Comments
    Inline Feedbacks
    View all comments