Apple in its 2022 Q4 earnings call announced that the company set a new all-time revenue record in India, primarily thanks to the increasing demand for iPhones in the country. Apple CEO Tim Cook in his opening remarks said, “Across nearly every geographic segment, 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, South East Asia and Latin America."
As far as the iPhone revenue is concerned, Apple CFO Luca Maestri said, “We set September quarter records in the vast majority of markets we tracked. And our performance was particularly impressive in several large emerging markets, with India setting a new all-time revenue record."
Maestri added, “The revenue from iPhones in Thailand, Vietnam, Indonesia and Mexico more than doubled year over year."
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What’s surprising is that despite the prices of new iPhones being one of the highest in India when compared to the US and other markets due to local taxes and tariffs, the demand for iPhones continues to increase.
Apple said that it has already started to make the new iPhone 14 in India and the India-assembled iPhone 14 will be available in Q4. For those unaware, Foxconn is assembling the new iPhone 14 at its Sriperumbudur facility near Chennai.
“One of the things that we’ve really appreciated the most during the quarter was the fact that in spite of the very strong dollar and the difficult FX environment, we have seen very strong performance in many international markets particularly some very large emerging markets, where even in reported currency (USD), we are seeing very strong double digit growth in places like India, Indonesia, Mexico, Vietnam and many places where we have done incredibly well. And obviously in local currency, those growth rates are even higher," said Maestri.
“It is important for us to look at how these markets perform in local currency because it really gives us a good sense of customer response for our products, the engagement with our ecosystem and in general the strength of the brand. And I have to say in that respect, we feel very very good about the progress we are making in a lot of markets around the world," he added.
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