Technology giant Apple has nearly doubled its revenue in India with its sales not just restricted to iPhones, but also IT companies adopting more MacBooks for their workforce as a strategy to attract and retain talent in companies.
Tim Cook, CEO, Apple said during an earnings call on Thursday, “We set June quarter records in the Americas, in Europe and the rest of the Asia Pacific region. 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 a near doubling of revenue in India.”
Luca Maestri, Apple’s chief financial officer said, “Companies are increasingly investing in Apple products as a strategy to attract and retain talent. Wipro, another large mobile enterprise customer is investing in MacBook Air with M1 as a competitive advantage when recruiting new graduates globally—thanks to its superior performance and lower total cost of ownership. With the new M2 chip powering MacBook Air and the 13-inch MacBook Pro, we expect more customers to make Mac available to their entire workforce,” Maestri said.
With a focus on increasing its presence in India, Apple, since 2020 has set up iPhone and accessories assembly units through supply partners — Foxconn, Pegatron and Westron Corp in Karnataka and Tamil Nadu. Despite the economic slowdown in India, Apple was able to ship close to one million in the first quarter of 2022, almost 50% more than the previous year’s same period.
Cook added that Apple continues to execute across some significant geographies where there is a very low penetration of the iPhone.
“Some of those were called out in the opening remarks between Indonesia and Vietnam and India, where we did quite well, and iPhone tends to be the engine for those markets, particularly at the beginning of creating the market there for Apple products. And so we’re really looking at all of these things from the installed base to the number of switchers to the geographic distribution,” Maestri said.
“We set June quarter revenue records in both developed and emerging markets and set all-time records in many countries around the world, including the US, Mexico, Brazil, Korea and India,” he added.
According to reports, CyberMedia Research (CMR) findings show that Apple shipped over 1.2 million iPhones in India in the second quarter, an increase of 94% year-on-year.
IDC said that Apple doubled its smartphone market share in India last year and shipped six million iPhones in a calendar year—its highest ever. Though Apple’s market share is still 4% of the overall smartphone market, it is now ranked seventh in the list of top smartphone brands in India.