Emerging markets such as India contributed significantly to Apple’s record revenue of $90.1 billion in the September quarter, according to CEO Tim Cook during an earnings call with analysts. Annual revenue increased by 8% to $394 billion. Apple Inc operates on an October-September fiscal year.
“We set a new revenue record in nearly every geographic segment for the quarter, and we continue to perform incredibly well in emerging markets, with very strong double-digit growth in India, South East Asia, and Latin America,” Cook said.
“Our performance was particularly impressive in several large emerging markets, with India setting a new all-time revenue record,” Luca Maestri, chief financial officer of Apple, said detailing the earnings.
According to CyberMedia Research, iPhone sales in India increased 44% quarter on quarter during the July-September quarter, reaching 1.7 million units.
Increase revenue of Apple
Meanwhile, Apple India filed its FY22 earnings with the Registrar of Companies (RoC) in the Ministry of Corporate Affairs, revealing a strong performance for the fiscal year.
For the fiscal year ended March, the company’s net profit increased 3% year on year to ‘1,263 crore, while revenue from operations increased 45.8% to ‘33,313 crore.
According to a recent Canalys report, Apple was the only vendor among the top five to record a strong positive growth of 8% in the September quarter, owing to strong demand for iPhones despite a weak market. The premium smartphone maker has improved its market share globally to 18% from 15% in the year-ago period.
Back in India, the company witnessed a double-digit growth in the September quarter, according to the management. The quarterly numbers were not available for the India business.
For FY22, Apple India’s Ebitda rose 5.7% to `1,973 crore. The company currently has about 4% market share in the smartphone market in India.
Apple has established a strong presence in India, exporting iPhones worth $1 billion in the first five months of the current fiscal year (April-August). It exported $1.3 billion in iPhones in FY22, an average of $108 million per month. The average for the first five months of the current fiscal year is $200 million per month, which is double the previous year. At this rate, Apple will likely end the current fiscal year with exports worth $2.5 billion or more. This is due to the fact that the $1 billion in exports excludes iPhone 14 exports from India, which began at the end of September 2022. Once iPhone 14 joins the list of exports from India, the average export in dollar terms will increase further
since the factory value of an iPhone 14 is much higher than a iPhone 11 or iPhone 12.
