Tim Cook, CEO of iPhone maker Apple, claimed on Friday that the company’s revenue in India nearly doubled in the second quarter of 2016. According to analysts, the brand remained relatively impervious to India’s macroeconomic difficulties, accounting for 3% of the volume and 16% by market capitalization share in the April-June quarter. Apple CEO Tim Cook, in his opening remarks, cited record-breaking revenue for the June quarter in both established and developing markets, with a nearly doubling of revenue in Brazil, Indonesia and Vietnam, as well as a nearly doubling of revenue in India.
Apple delivered strong double-digit growth in the June quarter, driving up the base, and setting a record for switchers. With iPhone penetration low between Indonesia, Vietnam and India, where the company did fairly well, Apple continues to roll across some important geographies. The iPhone often acts as a market driver, especially in the early stages of market development for Apple items.
According to CFO Luca Maestri, Apple has broken all-time revenue records in a number of countries, including the United States, Mexico, Brazil, Korea and India, as well as in developed and emerging markets. Luca also emphasized how business customers frequently purchase Apple merchandise as a talent acquisition and retention strategy. Apple shipped 1 million iPhones to India in the second quarter of 2022, according to Counterpoint research estimates, capturing 3% volume and 12% valuable market share. With new products on the horizon, the iPhone 13 and 12 will continue to roll out in India.
As the base of the second wave of COVID-19 declined in the second quarter of 2021, Apple achieved 63% year-over-year growth in the second quarter of 2022. According to Tarun Pathak, director of research at Counterpoint Research, Apple continued to be the brand Bestseller in the premium quality segment. Apple has maintained its leadership in the premium category, according to Pathak, with its Make In India capabilities for both domestic and international markets, offline payment through various promotions, and customer brand preference in the Rs 45,000 and above category. The premium segment for beginners, which ranges between Rs 30,000 and Rs 45,000, is where Apple has room to develop.