India Loves iPhone? Tim Cook Says Apple Doubled Its India Business This Year

An Apple a day keeps the doctors at bay. An Apple a year keeps Tim Cook's woes away. In the fiscal year of 2021, Apple has doubled its business in India, company's CEO Tim Cook revealed during the company's earnings call on Friday.

In fact, Apple acquired a one-third of its revenues from growing markets this year. Even then, Apple has been hit by supply concerns that have emerged due to the ongoing Covid-19 pandemic.

“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,” Cook said. Apple follows the October-September fiscal year globally.

Reuters

According to Apple, the company earned a quarterly revenue of $83.4 billion (about 6,23,800 crore rupees).?During the call, it wasn't revealed what drove Apple's growth in India, but it appears that Apple set quarter records in developing as well as developed markets.

Also read:?Apple's Selling New 'Polishing Cloth' For $19, And Twitter Has No Chill

Rallied by new iPhones?

Just last month, Apple released its latest iPhone 13 series line-up. Whenever a new iteration of an iPhone is revealed, the previous generation witnesses a price drop. Even with such remarkable gains, Apple ?has missed Wall Street's revenue estimate of $84.8 billion.

Reuters

Also read:?Apple iPhone 13 Pro Is The Best iPhone To Buy: Five Reasons To Upgrade

Apple's claims in India are backed by market researchers. The Economic Times cited a report by Counterpoint Technology Market Research to claim that Apple was India's highest growing smartphone bran during July-September quarter with a whopping 212 per cent year-on-year growth.

Also read:?Apple Reveals Two New MacBook Pro Laptops, With M1 Pro & M1 Max Chips

Reuters

In the premium smartphone market (any device above 30,000 rupees), Apple led with a 44 per cent share. In the ultra-premium segment (handsets over 45,000 rupees), Apple maintained a strong position with 74 per cent share, mostly driven by strong demands for iPhone 12 and iPhone 11 smartphones.??

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