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Apple’s India revenues bounce back in June quarter

India recorded a double-digit growth in revenue year-on-year for Apple in the quarter ended June 2019, bouncing back in the period. The first six months saw the iPhone maker’s revenues decline from the country.
India was among the emerging countries, including Brazil and China, that performed better than previously for Apple. The revenue rose 3% in the quarter versus a far steeper fall in the prior quarters of the financial year ending September this year.
“India bounced back. During the quarter, we returned to growth there. We’re very happy with that,” said Apple chief executive officer Tim Cook during the earnings call for the quarter ended June 2019.
Cook added that while the emerging markets ‘had a bit of a rebound’ and that on a constant currency basis, revenues were up slightly in emerging markets but it still declined on a reported basis.
For the quarter, revenues were up but profits declined. Apple posted revenue of $53.8 billion and net quarterly profit of $10.0 billion, compared to revenue of $53.3 billion and net quarterly profit of $11.5 billion, in the same quarter last year.
Apple chief financial officer Luca Maestri elaborated however during the earnings call Wednesday morning, that growth returned to emerging markets, specifically Mainland China. “… grew strong double digits in India and Brazil and we set new Q3 records in Thailand, Vietnam and the Philippines,” he said.
“On a geographic basis, we saw marked improvement in our year-over-year comparisons from emerging markets relative to the first half of this fiscal year, particularly in the BRIC countries, where year-over-year performance went from a 25% revenue decline in the first half to 3% growth in the June quarter,” Maestri added.
Apple recorded revenue growth for both Mac and iPad categories in India, alongside other emerging and developed markets, for the quarter ending June.

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This article is automatically sourced by automatic news feeds through online softwares, Inventiva team has not made any modifications and adjustments in the article and is published as it is after giving due credits to its original source.

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