Apple Reports $ 81.4 billion Growth in India in Q3, Global Revenue Up by 36%
Apple Reports $ 81.4 billion Growth in India in Q3
Apple shared financial results for the third quarter of fiscal 2021 that ended June 26 and reported record June quarter revenue of $ 81.4 billion, an increaseof 36% compared to the same period last year. As Apple CEO Tim Cook noted onthe earnings call, emerging markets like India have done extremely well withiPhones and other Apple products performing well despite the second wave ofCovid. "The vast majority of markets we tracked grew double digits, withespecially strong growth in emerging markets, including India," Cook said.
Apple has been at a high level since last year when itdoubled its share of smartphones in India to 4% in the holiday quarterof October-December 2020. A strong performance of the new iPhone 12 series thatwas announced in October last year helped pave the way for a record Junequarter of this year.
"This quarter, our teams built on a period of unmatchedinnovation by sharing powerful new products with our users, at a time whenusing technology to connect people everywhere has never been more important,"Cook added.
"Our record June quarter operating performance included newrevenue records in each of our geographic segments, double-digit growth in eachof our product categories, and a new all-time high for our installed base ofactive devices," said Luca Maestri, Apple's CFO.
"Today, Apple is reporting a very strong quarter with double-digitrevenue growth across our product and services categories and in everygeographic 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 doubledigits, with especially strong growth in emerging markets, including India,Latin America, and Vietnam," Cook said.
The company is scheduled to launch the iPhone 13 seriesglobally soon and the new range is expected to bring updates on what wasavailable last year with the iPhone 12 series which performed very well.Apple's new incoming devices are not expected to be cheap, but the companywants to keep a diverse portfolio of products on offer in order to cater forvarious prices. Cook mentioned the 2020 iPhone SE that was released early lastyear and noted that it was still available and should be considered as its"entry price point." "We had an incredible quarter for the emerging markets in Q3. We set Junequarter 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 ofproducts that we have. And keep in mind, we still do have SE in the line,"Cook said.
We launched it a year ago, but it's still in the line todayand is sort of our entry price point. And so I'm pleased with how all of themare doing and I think we need sort of that range of price points to accommodatethe types of people that we want to accommodate. And so we've got something forthe entry buyer who really wants to get into an iPhone and then something forthe pro buyer who wants the very best iPhone that they can buy," he explained.