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Apple sets new revenue record in India, registers double digit growth

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Apple CEO Tim Cook has said that the company set a new revenue record in India in the July-September period, and continues to do well with strong double-digit growth in the country, thanks to Apple’s larger manufacturing plans. is after. Apple posted record revenue of $90.1 billion globally in the September quarter, up 8 percent year over year. Annual revenue was $394.3 billion, up 8 percent year over year. Also read- Apple releases iOS 15.7.1, iPadOS 15.7.1 with critical bug fixes for iPhones, iPads: See details

“Across almost every geographic region, we reached a new revenue record for the quarter and we continue to perform incredibly well in emerging markets with very strong double-digit growth in India, Southeast Asia and Latin America, Cole told analysts during the company. Earnings call late Thursday. On iPhone revenue, Apple CFO Luca Maestri said acewe set September quarter records in most of the markets we track. Also read- Apple the only brand to see an increase in shipments in the last quarter, India business is booming

“And our performance in several major emerging markets was particularly impressive, with India setting a new record and Thailand, Vietnam, Indonesia and Mexico more than doubling year on year,” Maestri said. Also read- iPhone 13 price slashed: Amazon vs Flipkart vs Apple Store, see best deals here

Considering India’s emphasis on local manufacturing, Apple last month confirmed that it has started production of the new iPhone 14 in India, a first for the tech giant as it coincides with China’s period of manufacturing new iPhones in India. does less. The locally assembled iPhone 14 will go on sale in the country in the fourth quarter.

“The new iPhone 14 lineup introduces new technologies and significant security capabilities. We are excited to manufacture the iPhone 14 in India,” according to Apple. Foxconn is assembling the new iPhone 14 at its Sriperumbudur facility near Chennai.

Apple is likely to shift 5 per cent of its new iPhone 14 production to India by the end of this year and 25 per cent by 2025, according to an analysis by JPMorgan, doubling down on local manufacturing of technology products in India. Buoyed by ease of doing business and friendly local manufacturing policies, Apple’s ‘Make in India’ iPhones will likely account for about 85 per cent of its total iPhone production for the country this year.

Responding to analysts’ questions, the Apple CFO said that “we’re seeing very strong double-digit growth in India, Indonesia, Mexico, Vietnam and many places where we’ve done incredibly well.”

“And obviously in the local currency, those growth rates are even higher. It is important for us to see how these markets perform in the local currency because it really gives us the customer feedback for our products, our ecosystem. Connects with and gives a good sense of the strength of the brand in general,” said Maestri.


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