CEO TM Cook said the company has achieved over 20% growth across all of its product categories and across geographies
Technology major Apple will double its business in India during FY21, its chief executive officer Tim Cook has said.
“During FY21, we generated about 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,” Cook said during the company’s fourth quarter earnings conference call on October 28.
He added that the company has achieved growth of more than 20% across all its product categories and across geographies. “This fiscal year, we recorded revenue of $366 billion, which represents a 33% annual increase,” he said.
The company’s CFO Luca Maestri said, “We reached new Q4 records in every geographic region, each with strong double-digit growth. And this was the September quarter record for both products and services.”
According to a report by Counterpoint Research released on Thursday, Apple emerged as the fastest growing brand in India in the July-September 2021 quarter, with a year-on-year growth of 212% and the premium smartphone market (over ₹30,000). prices). 44% shares.
“The brand maintained its leading position in the ultra-premium segment (> ₹45,000 or ~$650) with a 74% share. Strong demand for the iPhone 12 and iPhone 11 were key factors in Apple’s growth. Apple topped the premium segment for the first time. 5G became the smartphone brand,” according to Counterpoint.
For the fourth quarter ended September 25, 2021, Apple posted revenue of $83.4 billion, up 29% year over year and quarterly earnings per share of $1.24.
Responding to a question on supply chain constraints, Mr. Cook said, “If you look at Q4…, we had about $6 billion in supply chain constraints, and that affected the iPhone, iPad and Mac. Ours They had two reasons for the pass — Q4. One was the chip shortage that you’ve heard a lot about from many different companies through the industry. And the other was the COVID-related manufacturing disruption in Southeast Asia.”
He said there has been a material improvement in COVID-related disruptions, and in the current quarter, Apple expects chip shortages to be the primary cause of supply-chain-related shortfalls.
“It will impact — it’s affecting, I should say, most of our products currently and — but from a demand perspective, the demand is very strong. And so, part of that is also that the demand is very strong. But We believe that by the time we finish the quarter, the odds will be $6 billion larger than what we experienced in Q4,” he said.
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