Apple doubled its business in India, CEO Tim Cook said in Q4 earnings call
During the Q4 earnings call with investors, Apple CEO Tim Cook stated that Apple doubled its business in India during fiscal 2021. This news comes after Cupertino giant missed Wall Street expectations due to supply constraints owing to COVID-19 and its outcomes in key markets. Apple though is optimistic about the future due to strong demand for its products and it was reiterated after their CEO’s statement. He further stated that the emerging markets have played a key role in the company’s fortune, with Apple earning nearly one-third of its total revenue from those markets.
Apple management further said the company has set quarterly records in every geographic segment with strong double-digit growth across the board. “Every product category and every geographic segment set a new annual revenue record and were up at least 20% over fiscal 2020,” Apple’s chief financial officer Luca Maestri further added. Apple said that it generated quarterly revenue of $83.4 billion (roughly Rs. 6,23,800 crore) in the fourth quarter that ended on September 25th.
Cook, did not reveal the factors that helped Apple achieve notable growth in India. However, he did highlight that the iPhone maker “grew double digits in each geographical segment, setting September quarter records in both developed and emerging markets.” While he did not say exactly what attributed to this significant jump, a report by Counterpoint Research stated Apple tops the premium smartphone segment in India. According to them, in Q3 2021, Apple recorded a 212 per cent year of growth and captured 44 per cent of the premium smartphone market, which is above the Rs 30,000 price category.
Cook, however, said global supplies remain a challenge for Apple on the back of very high demand. He said for the September quarter, Apple had about $6 billion in supply constraints globally and it affected iPhone, iPad, and iMac productions. He said it is affecting the company when demand is very robust. “And so, part of this is that the demand also is very strong. But we believe that by the time we finish the quarter that the constraints will be larger than the $6 billion that we experienced in Q4 (September quarter),” said Tim Cook.
Looking at all these figures and statements we can safely assume that Apple will further boost its sales for a considerable time in the future, with the current global pandemic, hardly affecting its sales, especially in emerging markets like India.
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