Apple has reported another record revenue growth in India, even as demand for high-end products is up.
Tim Cook, CEO, Apple called out India’s performance during the fourth quarter earnings call. “iPhone grew in every geographic segment, marking a new September quarter revenue record for the category, and services set an all-time revenue record, up 12 per cent year-over-year. We also set September quarter segment revenue records in the Americas, Europe, and the rest of Asia Pacific, as well as in a large number of countries, including the United States, Brazil, Mexico, France, the UK, Korea, Malaysia, Thailand, Saudi Arabia and the UAE, and we continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record.”
Apple’s revenues in India have been growing rapidly, setting new records almost every quarter. Making iPhones locally and selling directly through its retail stores seem to be paying off for the company. Cook says the iPhone maker is pragmatically making smartphones in India to become competitive.
As Apple ramps up production in India amidst growing tensions between China and the United States, Cook had earlier characterised Apple’s focus on making in India as pragmatic.
“I see it as an incredibly exciting market and it’s a major focus for us. In terms of the operational side or supply chain side, we are producing there, from a pragmatic point of view, you need to produce there to be competitive,” Cook had said in a post-earnings conference call in May.
Apple also opened two new stores during the quarter and wants to bring four new stores to customers in India.
Luca Maestri, Senior Vice President and Chief Financial Officer of Apple, said, “ iPad generated $7 billion in revenue, up 8% year-over-year. In addition to growth in developed markets, we also saw strong performance in many emerging markets, with double-digit growth in Mexico, Brazil, the Middle East, India, and South Asia.”
Analysts said India’s premium market has doubled in just two years, and Apple has been the big beneficiary of its rising market share.