Apple’s record earnings in India, revenue doubled, iPhone became revenue king
Apple company has achieved strong profits in India, which is a record till date. In the June quarter of the current fiscal year 2022, the Apple company has received revenue of $ 83 billion (Rs 6.5 lakh crore) from India, which is two percent more than the previous year. Apple CEO Tim Cook said that Apple’s profit in India has doubled in the June quarter. According to the research report, the iPad has got strong sales along with the iPhone.
iPhone was in highest demand
Apple continues to do well in India in the smartphone segment. Cook did not give exact numbers of earnings in India. But it is confirmed that Apple’s earnings have doubled in the June quarter, which is a record. Let us know that Android smartphones have been dominating in India. Despite this the Apple iPhone is performing well. Apart from Apple products, the business of Apple Service is better in India. Apple is earning good money in India from Apple services like Apple App Store, Apple TV, Apple Music. According to the company, Apple Services is doing well outside the US in Mexico, Brazil, Korea and India.
Which product contributed to how much business?
The iPhone alone has contributed more than 50 percent to Apple’s earnings. Apple’s (iPhone) total revenue has been around $ 40.6 billion, up from $39.5 billion a year ago. The revenue of the iPad stood at $ 7.2 billion, which was $ 7.3 billion a year ago.
American tech company Apple has received record revenue from India in the June quarter. The iPhone comprises a major share of this earnings. Along with this, there has been a lot of demand for many other Apple products in India.
Speaking on the various factors driving iPhone strength, Cook added,
“It’s the product and the innovation within the product that’s driving it. The other key variables such as the size of the installed base have been growing significantly. We also set a June quarter record for switchers with strong double-digit growth that is fuelling the additional install base. We continue to execute across some significant geographies with low penetration of iPhones between Indonesia, Vietnam and India where we did quite well. iPhone tends to be the engine for those markets, particularly at the beginning of creating the market there for Apple products.”
Despite a challenging operating environment including supply constraints, strong foreign exchange headwinds and the impact of their business in Russia, Apple has once again registered a strong June quarter with a revenue record of $83.0 billion, up 2 per cent year over year, and quarterly earnings per diluted share of $1.20. Along with registering record revenues in developed and emerging markets, Apple has nearly doubled its revenue in India in the said quarter.
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