Apple rakes in $394 billion in revenue, India scores all-time revenue record

Apple’s fourth quarter revenue of $90.1 billion was up 8 per cent year-over-year, while the annual revenue of $394.3 billion was also up by the same percentage compared to the year before.

Apple CFO Luca Maestri said the company had set September quarter records in the vast majority of the markets. “Our performance was particularly impressive in several large emerging markets, with India setting a new all-time revenue record, and Thailand, Vietnam, Indonesia and Mexico more than doubling year-over-year.”

Responding to questions from analysts regarding inflation pressures globally and foreign exchange headwinds, Maestri said despite this Apple was “seeing very strong double digit growth in places like India, Indonesia, Mexico, Vietnam and many places where we have done incredibly well”.

“Obviously in local currency, those growth rates are even higher. It is important for us to look at how these markets perform in local currency because it really gives us a good sense of customer response for our products, the engagement with our ecosystem and in general the strength of the brand. And I have to say in that respect, we feel very very good about the progress we are making in a lot of markets around the world,” he added.

Interestingly, Cook said “silicon-related supply constraints were not significant” in the quarter, though he clarified that “we are still living through unprecedented times” with the war in Eastern Europe and the persistence of COVID-19 and climate disasters. “Through it all, we’ve aimed to help our customers navigate through the challenges while giving them the tools to drive progress for themselves and their communities,” he added.

Meanwhile, research firm Canalys said weak demand in smartphone shipments in the third quarter led to a 9 per cent year-on-year decline. But Apple was the only leading vendor to grow by 8 per cent, while Samsung held on to its top position in the overall market, according to the numbers. Canalys Research Analyst Runar Bjørhovde said: “Apple reached its highest Q3 market share yet, driven by both the iPhone 13 and newly launched iPhone 14 series. The popularity of the iPhone 14 Pro and Pro Max, in particular, will contribute to a higher ASP and stable revenue for Apple.”