Apple doubles revenue in India in June quarter

“We saw record June quarter revenue in both developed and emerging markets, with very strong double-digit growth in Brazil, Indonesia and Vietnam and a doubling in India,” Apple Chief Executive Tim Cook said during the call.

According to CyberMedia Research (CMR), Apple shipped over 1.2 million iPhones in India in the second quarter, a 94% year-on-year (YoY) growth.

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 its highest, 6 million, iPhones in a calendar year. Although Apple’s market share still accounts for 4% of the overall smartphone market, it is now ranked 7th in the list of top smartphone brands in India according to IDC.

In April, industry analysts told Mint that Apple would grow faster than the rest of the smartphone market. He forecast 25% shipment growth for Apple in India in 2022.

Apple saw record growth in its global revenue and net profit in the June quarter, despite rising inflation and declining demand for consumer electronics especially PCs and smartphones.

iPhone and services revenue were the major drivers of Apple’s growth, even as revenue from Macs, iPads and wearables declined.

Revenue from the iPhone business grew 3% YoY to $40.67 billion during the quarter, accounting for half of Apple’s total revenue, up 2% YoY to $83 billion. Apple reported a profit of $19.4 billion in the June quarter.

Revenue from the services business grew 12% to $19.60 billion. Apple services include Apple Music, TV+, Arcade, Fitness, and iCloud.

The decline in electronic demand was more pronounced in the Mac and iPad results. Revenue from Mac fell 10% YoY to $7.38 billion during the quarter, while iPad revenue was up 2% YoY at $7.22 billion.

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