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Apple doubled its business in India, CEO Tim Cook says nearly one-third of the revenue from emerging markets

During the September quarter earnings call, Apple confirmed that it had a record quarter with $83.4 billion in revenue, which was up 29 per cent year over year. In terms of the Indian market, CEO Tim Cook, during the earnings call, confirmed that Apple doubled its business in India.

The record-setting quarter in India can be credited to festive season online sales as well as attractive offers that wooed Indian consumers. The iPhone 12 was available at under Rs 50,000 during the festive sales, while the offer from Apple where consumers could get an AirPods free with the iPhone 12 must have also contributed to the overall results.

“Apple set quarterly records in every geographic segment with strong double-digit growth across the board,” Cook said during the earnings call. “During fiscal 2021, we earned nearly one-third of our revenue from emerging markets,” he added. About India, Cook said, “doubled our business in India and Vietnam.”

Luca Maestri, Apple’s CFO, said, “Our record September quarter results capped off a remarkable fiscal year of strong double-digit growth, during which we set new revenue records in all of our geographic segments and product categories in spite of continued uncertainty in the macro-environment.”

“The combination of our record sales performance, unmatched customer loyalty, and strength of our ecosystem drove our active installed base of devices to a new all-time high. During the September quarter, we returned over $24 billion to our shareholders, as we continue to make progress toward our goal of reaching a net cash neutral position over time,” he added.

Despite supply chain constraints, Apple believes it will set a record December holiday quarter. The company’s services achieved an all-time quarterly revenue record of $18.27 billion, which was up about 25 per cent from a year ago. Apple Services include Apple Music, App Store, Apple Arcade, Apple TV+, AppleCare+, iCloud, and more.

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