• Tuesday, May 24, 2022

Business

India helps Apple to post record revenue

FILE PHOTO: A worker sanitises an Apple store inside a shopping mall reopened after the government eased a nationwide lockdown imposed as a preventive measure against the Covid-19 coronavirus, in Chennai on September 1, 2020. (Photo by ARUN SANKAR/AFP via Getty Images)

By: Pramod Thomas

TECH GIANT Apple has reported strong growth in India for the fourth consecutive quarter, in line with the company’s overall growth in the June quarter.

Apple has been growing its sales in India over the past year, on the back of its own retail store and growing demand for older iPhones, the Mint reported.

Driven by better-than-expected iPhone sales, total revenue hit $81.43bn in June quarter. Earnings were $1.30 per share, above estimates of $1.01 per share.

Apple has reported $21.7 billion in net income, which is 93 per cent higher than the same quarter in 2020.

Apple’s strongest sales growth came from China, where Chief Executive Tim Cook said that customers are buying up accessories such as the Apple Watch to pair with their iPhones. China sales grew 58 per cent to $14.76bn in the fiscal third quarter ended June 26.

“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,” said Cook.

“Those results are for the entire line of products that we have. And 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.”

He added that countries including Mexico, Brazil, Chile, Turkey, UAE, Poland and Czech Republic also contributed greatly to the sales growth.

The Apple iPhone sales, which includes the iPhone 12 series and the iPhone SE, clocked $39.5bn in net sales, which is up from $26.4bn compared with June last year.

The Mac sales have certainly reaped the rewards from the excitement around the Apple M1 chip upgrade, clocking $8.2bn in net sales, which is up from $7bn during the same period last year, the company said.

Services in particular continues to grow, up from $13.1bn in the same quarter in 2020 to $17.4bn this year, it added.

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