Apple achieved record revenues in India for Q3 2022, according to top executives. In his earnings address, Apple CEO Tim Cook noted that Apple achieved strong double-digit growth in India.
Apple CFO, Luca Maestri highlighted that Apple set an all-time revenue record in India for iPhone, in confluence with a stellar performance in many other emerging markets such as Thailand, Vietnam, Indonesia and Mexico, where Apple doubled its iPhone revenues.
Apple is one of the few tech companies to report a rise in earnings as economic gloom hits the tech sector for this quarter. Maestri explained how strong earnings and engagement in emerging markets such as India give them a positive outlook for the future despite global inflation pressures.
Maestri said, “One of the things that we’ve really appreciated the most during the quarter was the fact that inspite of the very strong dollar and the difficult FX environment, we have seen very strong performance in many international markets, particularly some very large emerging markets, where even in reported currency (USD), we are seeing very strong double digit growth in places like India, Indonesia, Mexico, Vietnam and many places where we have done incredibly well. And obviously in local currency, those growth rates are even higher.”
“It is important for us to look at how these markets perform in local currency because it really gives us a good sense of customer response for our products, the engagement with our ecosystem and in general the strength of the brand. And I have to say in that respect, we feel very very good about the progress we are making in a lot of markets around the world,” Maestri concluded.
Apple’s positive commentary on India comes at a time when Apple has also commenced shifting its supply chain to India. Last month, Apple announced that it is all set to commence manufacturing iPhone 14 in India, just days after its unveiling. Apple’s latest iPhone 14 is currently out of stock in India, at the back of strong demand for the product.