Apple doubled its business in India during FY 2021: Tim Cook
By MYBRANDBOOK
Apple reported $366 billion in revenue during the financial year, representing a 33% annual growth. It recorded $83.4 billion in revenues during the September quarter, up by 29% compared to last year. According to Tim Cook, silicon-shortages and manufacturing disruptions due to the pandemic cost the company $6 billion.
Despite the record-setting quarter, Apple said that it was short of iPhone sales figures.
According to the latest report by market researcher Counterpoint Technology Market Research, Apple was the highest growing smartphone brand in India during the July-September quarter with 212% year-on-year growth and led the premium smartphone market (handsets priced above Rs 30,000) with a 44% share.
Apple CEO Tim Cook said that the company had doubled its business in India and Vietnam in FY 21, although he did not disclose any further details. However, analysts say that despite Apple’s strong growth in India, the share of the country in its overall revenues is still below 1 per cent.
According to the data shared by CMR, Apple's iPhone received a year-on-year (YoY) shipments growth of 28 percent. The firm also predicts that for the entire year, the iPhone lineup in the country would grow its market share to 3.5 percent from the existing three percent, with iPhone shipments reaching the new milestone of five million units shipped.
“During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam. We are optimistic about the future, especially as we see strong demand for our new products,” said Cook during the company’s quarterly earnings call.
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