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India, emerging markets power another record quarter for Apple

In the earnings call, Apple CEO Tim Cook said iPhone revenue set a June quarter record of 39.6 billion, growing 50 percent over the past year, “exceeding our own expectations”.

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Apple has reported another record quarter despite the pandemic, powered by strong growth in countries like India. The Company posted a June quarter record revenue of $81.4 billion, up 36 per cent over last year.

“This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users, at a time when using technology to connect people everywhere has never been more important,” said Tim Cook, Apple’s CEO in a note.

Later, speaking to analysts, he elaborated: “Today, Apple is reporting a very strong quarter with double-digit revenue growth across our product and services categories and in every geographic segment. We set a new June quarter revenue record of $81.4 billion, up 36% from last year, and the vast majority of markets we tracked grew double digits, with especially strong growth in emerging markets, including India, Latin America, and Vietnam.”

CFO Luca Maestri too said the record quarter “included new revenue records in each of our geographic segments, double-digit growth in each of our product categories, and a new all-time high for our installed base of active devices.”

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Cook said, “We set June quarter records in Mexico, Brazil, Chile, Turkey, UAE, Poland, Czech Republic, India, obviously in China as I talked about before, Thailand, Malaysia, Vietnam, Cambodia, Indonesia… Those results are for the entire line of products that we have.”

He suggested that some of this growth in emerging markets could have been because of the more affordable iPhone SE, which got a new version in 2020. “Keep in mind, we still do have SE in the line. We launched it a year ago, but it’s still in the line today and is sort of our entry price point. And so I’m pleased with how all of them are doing and I think we need sort of that range of price points to accommodate the types of people that we want to accommodate. And so we’ve got something for the entry buyer who really wants to get into an iPhone and then something for the pro buyer who wants the very best iPhone that they can buy.”

In the earnings call, Cook said iPhone revenue set a June quarter record of 39.6 billion, growing 50 percent over the past year, “exceeding our own expectations”. He added: “Performance was consistently strong across the world and we grew very strong double digits in each geographic segment setting June quarter records in most markets we track.” Cook said the active installed base of iPhones reached a new all time high.

First published on: 28-07-2021 at 08:56 IST
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