APPLE’S INDIA REVENUES JUMP
iphone maker Apple notched up double-digit growth in its revenues from India in the quarter to December 2017, its all-time quarterly record to date. Apple posted 13% year-on-year growth in revenues at $88.3 billion and profit of $3.89 a share.
NEW DELHI/NEW YORK: iphone maker Apple notched up a double-digit growth in its revenue from India in the quarter to December 2017, its all-time quarterly record to date.
Apple has been expanding its presence in the hyper- competitive Indian smartphone market, even though its products are priced at a premium.
Apple posted a 13% year-onyear growth in revenue at $88.3 billion in the said quarter and profit of $3.89 per share.
Global sales accounted for 65% of the quarter’s revenue. “Our results were terrific all around the world with double digit revenue growth in all our geographic segments, an alltime quarterly record in the vast majority of markets we track, including the Us...as well as Mainland China... and India,” Apple’s chief financial officer Luca Maestri during an investor call.
The comments come a day after the Indian government raised the customs duty on imported smartphones to 20 per cent as part in Budget 2018-19. The move—aimed at encouraging local manufacturing and domestic value-addition may impact Apple as it imports its devices, expect iphone SE that is assembled in India.
According to research firm Counterpoint, the premium smartphone segment in India witnessed over 20% growth in 2017 over the previous year with Apple maintaining its leadership position with 38% market share during 2017.
The iphone X was the top premium model, ahead of Oneplus 5T and Samsung’s Note 8 in the segment, as per Counterpoint.
“Our growth was broadbased and a key driver was iphone, which generated its highest revenue ever...revenue for our newly launched iphone was the highest of any lineup in our history, driving total Apple revenue above our guidance range,” Apple CEO Tim Cook said.
During the quarter, Apple said it had sold 77.3 million iphones, the highest number ever for a 13-week quarter. The sales of Apple’s Mac range were at “all-time records” in Latin America, India, Turkey and Central and Eastern Europe.
ipad sales, too, grew “strong double-digits” in emerging markets, it added.