Technology giant Apple, which reported revenue of $83 billion in the third quarter ended June 2022, has reported “nearly doubling” of revenue in India.
Announcing financial results for the third quarter of its fiscal year 2022 ended June 25, Apple on Thursday said it has achieved a record revenue of $83 billion, a 2 percent year-on-year increase.
Apple CEO Tim Cook said during an earnings call that $83 billion in revenue was “better than we expected despite supply constraints, strong foreign exchange headwinds and the impact of our business in Russia”.
“We set June quarter records in the Americas, Europe and the rest of Asia Pacific. We also saw June quarter revenue records in both developed and emerging markets, with very strong double-digit growth in Brazil, Indonesia and Vietnam and one in India. Close to doubling the revenue,” he said.
Cook said Apple continues to operate in some critical geographies where the reach of the iPhone is very low.
“Some of those were called out in the opening remarks between Indonesia and Vietnam and India, where we did quite well, and the iPhone becomes the engine for those markets, especially in the beginning to build markets for Apple products. And So we’re really looking at all these things from the installed base to the number of switchers to the geographic distribution.”
Apple’s chief financial officer and senior vice president Luca Maestri said services revenue for the company was a record $19.6 billion in the June quarter, up 12 percent despite the effects of its business in Russia and the macroeconomic environment.
“We set June quarter revenue records in both developed and emerging markets and all-time records in many countries around the world, including the US, Mexico, Brazil, Korea and India,” Maestri said.
Maestri said the record level of performance of the services portfolio during the June quarter reflects the strength of Apple’s ecosystem on multiple fronts, including continuing to grow its installed base, reaching all-time highs across each geographic segment and key product category. has gone. ,
“We also saw customer engagement with our services during the quarter. Our transactional accounts, paid accounts and all accounts with paid subscriptions grew double digits year-over-year.” Cook said Apple saw “great enthusiasm” for its products and services, resulting in an all-time record for its installed base of active devices.
“Our supply constraints were lower than we had anticipated at the beginning of the quarter, which was slightly below the range we discussed during our last call. We know this is a time of significant challenge around the world, for all of us new. The variants facing COVID-19, for all those facing a prolonged humanitarian crisis in Ukraine and the consequences of an uncertain economic environment,” he said.
Maestri said that in the enterprise market, Apple customers are increasingly investing in Apple products as a strategy to attract and retain talent.
He cited the example of Indian multinational Wipro, “another large global enterprise customer”, which is “investing in the MacBook Air with the M1 as a competitive advantage, when recruiting fresh graduates globally, its better. Thanks to performance and low total cost of ownership”.