With Apple gearing up to expand operations in the country, the company details its record-breaking revenues for India. Despite the fluctuation in the market due to demonetization, the company’s earning seems to be naive. The executives further say that the company still looks forward to the growing market and will continue to place its long-term bet in India.
Just to brush you up with some facts, Apple unveiled a quarterly revenue of $78.4 billion, a record in itself. The revenue shows a ~$3 billion jump from $75.9 billion from last year. Moreover, international sales for the company accounted for 64% of the quarter’s revenue.
Apple CEO Tim Cook addressed the analysts on Wednesday. He acknowledged them company’s earnings and mentioned,
Despite the demonetisation move in India that created lots of economic pressure there last quarter, despite that, we had all-time record revenue results, and so we were very happy about that.
While companies faced a push back due to demonetization, Apple gained a sales boost. People rushed off to buy luxury items and expensive devices in order to burn their Rs.500 and 1000 notes effectively. Reports and retailers stated higher sales of iPhones just within the three days of the monetary crisis. The marketing and excitement that surrounded Apple’s latest release — iPhone 7/iPhone Plus — proved to be yet another reason behind huge sales.
Analysts further say that missing presence of arch rival Samsung in the market at the time of launch also benefitted the Cupertino giant.The loyal customers for Samsung switched to Apple at the time then, due to exploding scandal of Samsung’s flagship Galaxy Note 7. The Korean giant was engaged in the matter for several months and tried versatile tactics to regain its users.
Counterpoint Research, a market analyst firm estimated sales of more than 2.5 million units in India. Among the figures, one-third of the total shipment came from the October-December quarter only. Apple currently holds 62% market share of premium smartphones and is amongst top ten brands under the smartphone rankings in the nation. While Samsung holds another 35% of the market in the premium category, Google Pixel only accounts for 5%.
Apple also mentioned the extension of sales of its other devices including iPads and Mac computers. The devices have witnessed big numbers in several countries like Japan, Mainland China, the Netherlands, Sweden along with India. The reports reveal that Chinese and Indian markets saw immense sales of iPad, with the expansion of distribution channels in the mentioned regions. Apple sold 5.4 million Macs and hence generated its highest-ever quarterly Mac revenue in the country. For iPads, Apple informed sales of 13.1 million iPads.
The increase in its sales of iPad credits to engagement with neighboring electronic and cell phone stores to sell its entire product range. The company also issued guidelines for select markets that stated compulsory inclusion of its other products with iPhones
Cook further added,
It’s (Demonetization) still definitely having some overhang. But I think in the longer term, it’s a great move, and I feel really good about how we’re doing there. We are in discussions with a number of things, including retail stores, and fully intend to invest significantly in the country and believe it’s a great place to be.