Updated: November 3, 2017 11:23:14 am
Apple’s Q4 results are out and the company has posted a revenue of $52.6 billion with over 46.6 million iPhones being shipped, thus beating Wall Street expectations. Apple saw an increase of 12 per cent in revenue from the year-ago quarter and iPhone sales were up 14 per cent compared to the previous quarter. In his remarks during the investor earnings calls, Apple CEO Tim Cook also revealed that the company’s India revenue doubled year-over-year.
MacRumors has put out a transcript of Apple CEO Tim Cook’s investor earnings call and in this he said, “We were especially happy to return to growth in Greater China, where revenue was up 12 per cent from a year ago, and with our momentum in India, where revenue doubled year over year.” He also said iPad sales grew in India by 39 per cent.
Cook also pointed out that Apple’s strategy of manufacturing the iPhone SE has worked in its favour. “We started manufacturing the iPhone SE there six to nine months ago, and the majority of iPhone SEs that we have sold in the domestic market last quarter were manufactured there,” he said during the call.
Cook’s statement is corroborated by research firm Canalys which said last week Apple had doubled its shipments to 900,000 units in Q3.
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Tim Cook was also asked about what it would take for Apple to do even better in a market like India. Cook said it will take them a mix of things, from having more stores, more price points, etc. “Growing a market like India is a result of all of those things, and doing all of them well. It’s analogous to the many years we put into China. It’s building stores, it’s building channels, it’s building markets, it’s building the developer ecosystem… it’s having the right product lineup for the market,” he said. The Apple CEO added the company was making good progress in the market, even if they have a long way to.
He also spoke about the bandwidth issue in India and said the service is better than what it was a year back. India was not the only market where Apple had reason for cheer.
Apple’s shipments in China grew 12 per cent compared to last year, which is one of the most important markets for the company. Apple had its best quarter in China compared to the last eight, where it had seen growth slowdown.
According to research firm Canalys, Apple’s shipments grew 40 per cent from 8 million in Q3 2016 to about 11 million this quarter with iPhone 8 accounting in this share as well. Apple says it saw double digit growth in iPhone sales in China as well.
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