Tim Cook, the CEO of iPhone manufacturer Apple, claimed Friday that the company’s revenue in India nearly doubled in the second quarter of 2016. Analysts say the brand remained relatively insensitive to India’s macroeconomic problems, growing 3% by volume and 16% by value market share in the April-June quarter. Apple CEO Tim Cook noted in his opening remarks record revenue for the June quarter in both established and emerging markets, with double-digit gains in Brazil, Indonesia and Vietnam, as well as revenues nearly doubling in India.
Apple had strong double-digit growth in the June quarter, boosting the additional base and setting a record for switchers. With low iPhone penetration between Indonesia, Vietnam, and India, where the company did fairly well, Apple continues to perform in a number of key geographies. The iPhone often serves as the engine of the market, especially in the early stages of the development of the Apple merchandise market.
According to CFO Luca Maestri, Apple broke all sales records in a number of countries, including the US, Mexico, Brazil, Korea and India, as well as in developed and emerging markets. Luca also emphasized that corporate customers are more likely to purchase Apple goods as a talent acquisition and retention strategy. Apple shipped 1 million iPhones to India in the second quarter of 2022, according to counterpoint research estimates, with a market share of 3% by volume and 12%. With new products on the horizon, the iPhone 13 and 12 will all remain popular in India.
Due to the weaker base of the second wave of COVID-19 in the second quarter of 2021, Apple had a 63% year-over-year growth in the second quarter of 2022. According to Tarun Pathak, research director at Counterpoint Research, Apple remained the top-selling brand in the ultra-premium segment. Apple maintained its lead in the ultra-premium class, according to Pathak, thanks to its Make In India capabilities for both domestic and international markets, offline push through various promotions and customer brand preference in the Rs 45,000 and above. In the entry-level premium segment, which is between Rs 30,000 and Rs 45,000, Apple has room to develop.
