Apple Inc. doubled its India revenue in the June quarter and posted strong growth in Brazil, Vietnam and Indonesia, the iPhone maker said on Thursday after reporting quarterly earnings that beat analysts’ estimates despite supply chain constraints. .
During the call with the company’s investors, CEO Tim Cook said, “We saw June quarter revenue records in both developed and emerging markets with very strong double-digit growth in Brazil, Indonesia and Vietnam and doubling in India. “
According to CyberMedia Research, Apple shipped over 1.2 million iPhones in India in the June quarter, which is almost double compared to last year. This comes on the back of record growth for Apple in India last year, when it more than doubled its smartphone market share and shipped a record 6 million iPhones.
Apple’s growth in India belies the current slowdown in smartphone shipments. Market researcher Counterpoint Research on Thursday said smartphone shipments in India fell 5% sequentially in the June quarter.
Navkendar Singh, Associate Vice President, IDC India, points out that the premium end of the market is witnessing growth while the demand for low-end devices is declining. “This reflects income inequality and extreme financial stress at the lower end of the market,” he said.
According to Singh, Apple is doing a lot of development with affordability proposals and financial tie-ups to take care of the high upfront cost of purchases.
The depreciation of the rupee against the dollar has not affected Apple consumers either. “Apple has chosen to absorb some of this impact because it now has a serious intention to grow the business, which is very well reflected in the numbers being published,” Singh said.
He said the iPhone 13 and iPhone 12 contributed to almost half of iPhone sales in India.
In terms of market share in India, Singh said Apple was at the seventh position in the March quarter with 3% volume share and third with around 15% value share in the smartphone market. Value stock indicates the share of the market that a company does in terms of the total value of the equipment shipped in the country, while volume shares account for the number of units.
Although iPhones accounted for the bulk of Apple’s revenue in India, the company has also seen a rise in demand for iPads. Prabhu Ram, head of industry intelligence group at CMR, said the iPad posted 34% growth in the June quarter from a year ago. The iPad Gen 9 and iPad Air accounted for the majority of iPad shipments.
According to CMR, the company stood second in terms of market share with Samsung, with 22% market share in the March quarter.
China’s Lenovo had a higher market share of 36%.
Apple’s global revenue rose 2% to $83 billion in the June quarter, while net profit declined 11% to $19.4 billion. Global revenue from the iPhone business grew 3% to $40.67 billion during the quarter.
Sanyam Chaurasia, an analyst at research firm Canalys, said inflation and declining disposable income had barely any impact on Apple’s affluent customer base. He added that Apple offered “strong deals” on previous generation iPhones across both online and offline channels in the second quarter.
In April, industry analysts said Apple would grow faster than the rest of the smartphone market. He forecast 25% higher annual shipment growth for Apple in India in 2022.
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