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CEO Tim Cook says Indians are buying more iPhones, Apple revenue doubles – India Today

Apple announced its financial results for the fiscal 2022 third quarter with a revenue record of $83 billion, which is up by 2 per cent year over year. CEO Tim Cook said that India is one of the few countries that played a significant role in the revenue growth in the quarter.

During the earnings call, Cook said that the growth is powered by “June quarter revenue records in developed and emerging markets with double-digit growth in Brazil, Indonesia and Vietnam, and a near doubling of revenue in India”. Cook said that the company continues 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,” he added.

It is said that almost all categories tanked except for iPhone, which accounted for almost 50 per cent of the total revenue. However, the growth wasn’t significant compared to the previous quarter. The revenue from iPhone increased from $39.5 billion year over year to $40.6 billion. On the other hand, the revenue from iPads, AirPods, and Watch fell in the quarter.

During the earnings call with analysts after the results, Cook said that “it’s the product and the innovation within the product that’s driving it. The other key variables such as 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.”

The Apple CEO said the majority of constraints last quarter were because of the “COVID restrictions that occurred, that resulted in plant closures and plants running at less than full utilisation for some amount of the quarter, in some cases, the majority of the quarter”. However, Cook assured that the “constraint numbers for the September quarter will be less than they were in the June quarter”.

In addition, CFO Luca Maestri said that Apple’s services had set “all time records in many countries around the world including the US, Mexico, Brazil, Korea and India.” He also highlighted that companies like Wipro are “increasingly investing in Apple products as a strategy to attract and retain talent”. “Wipro, another large mobile enterprise customer is investing in MacBook Air with M1 as a competitive advantage when recruiting new graduates globally- thanks to its superior performance and lower total cost of ownership,” he explained.

Maestri said that the company believes its year-over-year revenue growth will accelerate during the September quarter, “despite approximately 600 basis points of negative year-over-year impact from foreign exchange”

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