Apple reports double-digit growth in India in the June quarter, global revenue up by 36%

Apple has announced financial results for its fiscal 2021 third quarter ended June 26. The company posted a June quarter record revenue of $81.4 billion, up 36% year over year.

Apple’s new incoming devices are not expected to be cheap, but the company wants to maintain a diverse portfolio of products on offer to be able to cater to various price points. (AP)

Apple shared the financial results for the fiscal year 2021 third quarter that ended on June 26 and reported a June quarter record revenue of $81.4 billion, up by 36% as compared to the same period last year. As Apple CEO Tim Cook pointed out on the earnings call, emerging markets like India have done extremely well with iPhones and other Apple products performing well despite the second Covid wave. "The vast majority of markets we tracked grew double digits, with especially strong growth in emerging markets, including India," Cook said.

Apple has been on a high since last year when they doubled their India smartphone share to 4% in the festive quarter of October-December 2020. A strong performance by the new iPhone 12 series that was announced in October last year helped pave the way for a record June quarter this year. “This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users, at a time when using technology to connect people everywhere has never been more important,” Cook added.

“Our record June quarter operating performance included new revenue records in each of our geographic segments, double-digit growth in each of our product categories, and a new all-time high for our installed base of active devices,” said Luca Maestri, Apple's CFO.

“Today, Apple is reporting a very strong quarter with double-digit revenue growth across our product and services categories and in every geographic segment. We set a new June quarter revenue record of $81.4 billion, up 36% from last year, and the vast majority of markets we tracked grew double digits, with especially strong growth in emerging markets, including India, Latin America, and Vietnam,” Cook said.

The company is scheduled to launch the iPhone 13 series globally soon and the new range is expected to bring in upgrades over what was available last year with the iPhone 12 series that performed very well. Apple's new incoming devices are not expected to be cheap, but the company wants to maintain a diverse portfolio of products on offer to be able to cater to various price points. Cook mentioned the iPhone SE 2020 that was launched earlier last year and pointed out that it was still available and should be considered as their “entry price point”.

“We had an incredible quarter for the emerging markets in Q3. We set June quarter records in Mexico, Brazil, Chile, Turkey, UAE, Poland, Czech Republic, India, obviously in China as I talked about before, Thailand, Malaysia, Vietnam, Cambodia, Indonesia... Those results are for the entire line of products that we have. And keep in mind, we still do have SE in the line," Cook said.

We launched it a year ago, but it's still in the line today and is sort of our entry price point. And so I'm pleased with how all of them are doing and I think we need sort of that range of price points to accommodate the types of people that we want to accommodate. And so we've got something for the entry buyer who really wants to get into an iPhone and then something for the pro buyer who wants the very best iPhone that they can buy,” he explained.