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Journalism of Courage
More Indians are buying iPhones than ever before, helping Apple increase its footprint in the world’s second-most populous country. In fact, Apple has doubled its business in India in fiscal 2021, which shows how important emerging markets have become for the Cupertino giant in the long run.
“We set quarterly records in every geographic segment with strong double-digit growth across the board” and that during fiscal 2021, we earned nearly one-third of our revenue from emerging markets” and “doubled our business in India and Vietnam,” Apple CEO Tim Cook said in a call with analysts as the company reported results for the fourth quarter of its fiscal 2021.
India is becoming increasingly important for Apple in the past few years. Apple is positioned as an aspirational brand and not just another smartphone maker. The differentiation in approach coupled with the company’s strategy to be exclusive is helping Apple gain not just market share but also user’s trust in the world’s second-largest smartphone market. Apple tends to price phones higher in India but cashback offers and EMI schemes substantially make iPhones more appealing to end consumers.
On Thursday, Apple reported a September quarter revenue record of $83.4 billion, up 29 per cent year over year. However, Apple’s revenue fell short of Wall Street expectations in its fiscal fourth quarter as Cook attributed to supply constraints on iPhones, iPads, and Macs. In fact, the company revealed it experienced $6 billion in supply constraints during the quarter. iPhone sales were up 47 per cent year-over-year, while Apple’s services grew 26 per cent annually.
