Despite the pandemic and chip shortage, Apple has posted impressive revenue this quarter. The company has revealed Q4 earnings of $83.4 billion and a net profit of $20.6 billion. Apple has picked pace in India and doubled its business in fiscal 2021. Apple has earned one-third of its revenue from emerging markets.
Last month Apple CEO Tim Cook said, “We set quarterly records in every geographic segment with strong double-digit growth across the board.” Apple has managed to double its business not only in India but also in Vietnam. The research firm echoes the finding and says it is the “best show ever” in India. Prabhu Ram, Head-Industry Intelligence Group at CMR, said
In Q3 2021, Apple continued its exceptional run in India, leveraging on its aspirational appeal amongst consumers in the earlier-than-usual festive season sales. The older-generation iPhones, especially the iPhone 12, contributed to Apple’s success in the quarter, alongside the iPhone 11. What’s working for Apple is the increased share of local assembly, strong retail initiatives including on the online store, and aggressive marketing initiatives during the festive sales. Despite the current supply-side dynamics, Apple is doing well and is on course for its best showing ever in India.
Previous generation devices, mainly iPhone 12 and iPhone 11, are the major growth drivers in India. Talking numbers, iPhone 12 accounted for 31 per cent of the market share while the iPhone 12 accounted for 28 per cent. It translates to a staggering 150 per cent QoQ growth and an equally impressive 28 per cent YoY growth for Apple in India.
Apart from iPhone, the sales figures for the iPad is impressive as well. Apple contributes its double-digit growth to work from home trends, dedicated channel strategy and a strong lineup. This festive season online retailers in India have offered massive discounts on iPhone 12 and iPhone 11. Next quarter the iPhone 12 is expected to lead the sales.[via Business Today]