Emerging markets, including India, continued to perform “incredibly well” for technology giant Apple, helping it to post record revenue of $90.1 billion for the fourth quarter ended September, 8 compared to a year ago. % increase. For the full fiscal year, the company posted revenue of $394.3 billion, up 8% year over year.
Apple CEO Tim Cook said, “Across almost every geographic region, we hit a new revenue record for the quarter and we continue to grow incredibly strong in emerging markets with very strong double-digit growth in India, Southeast Asia and Latin America.” continue to perform well.” Opening remarks during the earnings call.
Even during the last quarter, the US-headquartered firm saw “nearly doubling” of revenue in the Indian market.
On iPhone revenue, Apple CFO Luca Maestri said, “We set September quarter records in most of the markets we tracked. And our performance in several large emerging markets was particularly impressive, with India setting a new all-time revenue record and Thailand, Vietnam, Indonesia and Mexico more than doubling year over year. ,
As compared to the previous year, Apple India Pvt Ltd’s revenue grew by 45% to Rs 33,381 crore for the financial year 2021-22, as per the latest financial data accessed by business intelligence platform Toffler. Net profit up 3% to ₹1,263 crore. Further, the company’s total expenditure for the financial year was reported to be ₹31,693 crore.
Responding to analysts’ questions about inflationary pressures and foreign exchange (FX) headwinds globally, Mr Maestri said: “One of the things we really appreciated the most during the quarter was the fact That was despite a very strong dollar and difficult FX environment, we have seen very strong performance in many international markets, particularly in some very large emerging markets, where even in reported currency (USD), we are in India, Indonesia, Mexico. We’re seeing very strong double-digit growth in Vietnam, and many places where we’ve done incredibly well.”
“And obviously in the local currency, those growth rates are even higher. It is important for us to see how these markets perform in the local currency because it really helps us see customer feedback for our products, our ecosystem. gives a good sense of the strength of the association and the brand in general. And I must say in that regard, we feel very good about the progress we are making in many markets around the world,” he said.