Apple could lose at least $3 million a day or $1.14 billion annually in iPhone sales revenue as it announced its exit from the Russian market in the wake of Ukraine’s invasion.
The amount is based on Apple’s latest recorded Russian market share and the company’s revenue from sales by 2021, according to estimates from Lithuania-based online shopping portal Burga.
“Apple’s exit in Russia marks a close to rocky relationship between the two entities. Notably, Russia has in the past made questionable policies for companies like Apple to comply with. Apple recently announced its decision to offer online services in Russia.” Government orders to open offices were followed,” the report said.
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Although Russia doesn’t account for a significant revenue share for Apple products, the tech giant’s exit is likely to leave a mark on growing smartphone sales in the country.
Data presented by Berga indicates that based on vendor, Apple accounts for 15 percent of Russian smartphone sales, ranking third overall.
South Korea’s Samsung is at the top spot with 34 per cent and Xiaomi is at the third position with 26 per cent.
The Burga report mentions that Realme has a share of 8 per cent, followed by Poco at 3 per cent, while other smaller brands hold 14 per cent.
Elsewhere, as of 2021, Russia’s smartphone sales stood at ?730 billion ($7.6 billion).
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Apple’s revenue could be higher, considering Russia’s general smartphone sales earnings have steadily increased over the past few years.
As of 2020, revenue was $5.93 billion, compared to $5.2 billion in 2019.
Overall, between 2014 and 2021, this figure has increased by almost 200 percent.
Following Apple’s decision on Russia, the move has put pressure on other brands such as Samsung to stop shipping products to the country.
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“Consequently, the exit by the two manufacturers could lead to a window of expansion for Chinese operators which is likely to remain in place. However, such firms may face the impact of any subsequent sanctions that may prevent companies from operating in Russia using US native technology,” the report said.
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