Tim Cook: Apple doubled its India business last fiscal: CEO Cook | India Business News – Times of India

BENGALURU: Apple said it doubled business in India in its last fiscal, helped by strong sales of its i-phones, underscoring the growing importance of the country in its ecosystem, albeit from a smaller base.
“We set quarterly records in every geographic segment with strong double-digit growth across the board. During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam. We are optimistic about the future, especially as we see strong demand for our new products,” Apple CEO Tim Cook said in a conference call with analysts after the i-phone maker’s fourth quarter results.
For the three months ended September 25, Apple reported revenue of $83 billion, up 30% compared to last year. For the full year, revenue rose 33% to $365 billion while revenue from Rest of Asia Pacific, which includes India, was up 37%. Apple does not break up revenue by country.
This is the second consecutive quarter that Apple has performed well in India, where the market is dominated by Chinese smartphone makers and Samsung. For the quarter ended June, Apple set record numbers in the country and achieved double-digit growth.
The Californian company was the fastest growing brand in the third quarter in India, growing at 212% and leading the premium smartphone market with a 44% share, as per data from Counterpoint Research. Premium smartphones are those which are priced above Rs 30,000.
“The brand maintained its leading position in the ultra-premium segment (Rs 45,000) with a 74% share. Strong demand for the iPhone 12 and iPhone 11 were the major factors in Apple’s growth. Apple became the top 5G smartphone brand in the premium segment for the first time,” according to Counterpoint analyst Tarun Pathak.
Cook, however, warned that supply chain constraints – especially chip shortages which are impacting all sectors – will be larger heading into the holiday season. That negatively impacted its revenue by $6 billion in the recently concluded quarter.
“Despite this challenge, we are seeing high demands for our products and expect to achieve very solid year-over-year revenue growth and to set a new revenue record during the December quarter,” Cook added.