- Apple, as expected, doubled its business in the last quarter.
- Apple Store online and improved older iPhone models' sales pushed the envelope for the company.
- Tim Cook also confirmed that India would get Apple retail store in the future.
On Wednesday, Apple announced its financial results for the fiscal 2021 first quarter ending December and it was one of the largest quarters for the company by revenue of all time. In India, Apple roughly doubled its business in the last quarter riding high on the new online store's launch and sales of older iPhone models. Apple saw its revenue up by 21 per cent year-over-year, while iPhone revenue was up 17 per cent year-over-year at $65.6 billion compared to $59.8 billion. As expected, Apple earnings call had mentions of the Indian market.
Tim Cook, Apple CEO, while speaking during the earnings call on the opportunity for market share expansion said, "This is particularly the case in some of the emerging markets where we're proud of how we've done... If you take India, for example, we doubled our business last quarter compared to a year ago but our absolute level of business there is still quite low relative to the size of the opportunity."
Cook while talking about active efforts in India to grow market share added, "There are several markets I alluded to before, India is one of those, where our share is quite low, it did improve from the year-ago quarter, our business roughly doubled over that period of time, so we feel very good about the trajectory. We are doing a number of things in the area, we put the online store there for example, and last quarter was the full first quarter of the online store, and that has gotten a great reaction to it and has helped us achieve the results that we got to last quarter."
Cook also hinted that Apple would very soon come up with its retail stores in the country. "We are also going in there with retail stores in the future, and so we look to that to be another great initiative, and we continue to develop the channel as well," he added.
Apple claimed that the quarter saw a massive push in iPhone revenue riding high on the rise of about 57 per cent in sales in the Chinese market.
Talking about some of the other products, Apple claimed that the Mac revenue was up 21 per cent year-over-year while iPad revenue also saw a 41 per cent rise year-over-year. Lastly, the services revenue also saw double-digit growth and was up 24 per cent year-over-year.
During the earnings call, Cook also confirmed that Apple had installed base of over 1 billion iPhones which is a rise from 900 million it announced in 2019.
"Our December quarter business performance was fueled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices," said Luca Maestri, Apple's CFO during the earnings call.