Technology major Apple doubled its business in India during the fiscal 2021, its chief executive officer Tim Cook has said.
“During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam. We are optimistic about the future, especially as we see strong demand for our new products,” Mr Cook said during the company's fourth quarter earnings conference call on October 28.
He added that the company also achieved more than 20% growth across all of its product categories and in every geographic segment. “This fiscal year, we reported $366 billion of revenue, which represents 33% annual growth,” he said.
The company’s CFO Luca Maestri added, “We also reached new Q4 records in every geographic segment with strong double-digit growth in each one of them. And it was a record September quarter for both, products and services.”
As per a report by Counterpoint Research released on Thursday, Apple emerged as the fastest growing brand in July-September 2021 quarter in India, with 212% year-on-year growth and led the premium smartphone market (prices over ₹30,000) with a 44% share.
“The brand maintained its leading position in the ultra-premium segment (> ₹45,000 or ~$650) with a 74% share. Strong demand for the iPhone 12 and iPhone 11 were the major factors in Apple’s growth. Apple became the top 5G smartphone brand in the premium segment for the first time,” according to Counterpoint.
For the fourth quarter ended September 25, 2021, Apple posted revenues of $83.4 billion, up 29% year over year, and quarterly earnings per diluted share of $1.24.
Replying to a query on supply chain constraints, Mr Cook said, “If you look at Q4..., we had about $6 billion in supply constraints, and it affected the iPhone, the iPad and the Mac. We had -- there were two causes of them for Q4. One was the chip shortages that you’ve heard a lot about from many different companies through the industry. And the second was COVID-related manufacturing disruptions in Southeast Asia.”
He added that there is a material improvement in the COVID-related disruptions, and in the current quarter, Apple expects the primary cause of supply-chain-related shortages will be the chip shortage.
“It will affect - it is affecting, I should say, pretty much most of our products currently and - but from a demand point of view, demand is very robust. And so, part of this is that the demand also is very strong. But we believe that by the time we finish the quarter that the constraints will be larger than the $6 billion that we experienced in Q4,” he added.
Published - October 29, 2021 01:13 pm IST
