Strong growth in India helps Apple post a record Q1
NEW DELHI: Strong double-digit growth in markets like India and Latin America have helped iPhone maker Apple report a double-digit revenue growth at $81.4 billion—a new record for the June quarter, according to its chief executive officer Tim Cook.
Apple registered a net income of $21.7 billion in the June 2021 quarter as against $11.2 billion in the year-ago period. The total net sales increased to $81.4 billion from $59.6 billion from June 2020 quarter. These are global numbers and the company does not disclose country-specific financial numbers.
Apple has reported a very strong quarter with double-digit revenue growth across product and services categories and in every geographic segment, Cook said during the earnings call. “We set a new June quarter revenue record of $81.4 billion, up 36 per cent 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,” he added.
Cook noted that the company had an “incredible quarter” for the emerging markets.
“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,” Cook said. While Americas contributed $35.8 billion to the revenues, Europe accounted for $18.9 billion, Greater China $14.7 billion, Japan $6.4 billion and Rest of Asia Pacific $5.3 billion. iPhone accounted for $39.5 billion of the total net sales, followed by Mac, iPad, wearables and home products, and services. Apple, which competes with players like Samsung and OnePlus in the premium smartphone segment, has been aggressively ramping up its presence in the Indian market. Asked about switchers and upgraders in emerging markets and range of iPhones for different customers, Cook said the firm has a lineup of products catering to different segments.
“We had an incredible quarter for the emerging markets in Q3. We set June quarter records in UAE, Poland, 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 said.
“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,” Cook noted.