India among countries setting record sales helping Apple score ‘better-than-expected’ Q3 results

Apple recently announced that it performed “better than expected” in the third quarter, bringing in $83 billion. Apple CEO Tim Cook pointed out that the success was due in part to a very successful quarter in June, with emerging and emerging markets showing significant growth. He mentioned Brazil, Indonesia, Vietnam and a nearly doubling of growth in India.

When asked about the factors driving iPhone growth in an earnings call with analysts, Cook said, “It’s the product and the innovation within the product that drive it. The other important variables, such as the size of the installed base , have grown significantly. We also set a quarterly record in June for switchers with strong double-digit growth fueling the additional install base. We continue to operate in a number of key geographic areas of low iPhone penetration between Indonesia, Vietnam and India, where we did pretty well. iPhone tends to be the engine for those markets, especially at the beginning of creating the market there for Apple products.”

Apple

According to Apple CFO Luca Maestri, Apple Services have set “all time records” in many countries around the world, including the US, Mexico, Brazil, Korea and India. He stressed that corporate adoption pushed Apple into these markets. like Wipro, with increasing investment in Apple products, they helped attract and retain new Apple users. “Wipro, another major mobile enterprise customer, is investing in MacBook Air with M1 as a competitive advantage in recruiting graduates worldwide – thanks to its superior performance and lower total cost of ownership,” he added.

According to Maestri, Apple believes year-over-year revenue growth will accelerate even more during the September quarter, despite the “about 600 basis points of negative year-over-year foreign exchange impact.” He added that he expected supply restrictions next quarter to be lower than in the June quarter. “Specifically on Services, we expect sales to grow, but slow down from the June quarter due to macroeconomic factors and foreign exchange.”

According to Cook, most of the supply constraints in the past quarter were due to the COVID restrictions, which in turn led to plant closures and plants that ran with less capacity for parts of the quarter. Cook also believes silicon restrictions will be less in the September quarter than in June.

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