Apple confirms Indians are buying iPhone more than ever, its India revenue doubled

Apple beat expectations with its June quarter earnings reported on Thursday. Since nearly all industries are seeing the impact of the global economic downturn, Apple’s revenue for the months of April, May, and June painted a brighter picture. Especially for India, where Apple “nearly doubled” the revenue in the previous quarter. Apple said it saw great enthusiasm for the iPhone, as well as other products. In other words, Indians are buying the iPhone more than ever.

“We also saw June quarter revenue records in both developed and emerging markets with very strong double-digit growth in Brazil, Indonesia, and Vietnam, and a near doubling of revenue in India,” said Tim Cook, Apple’s chief executive officer during the company quarterly earnings call.

Cook did not share specific numbers, but he mentioned there is a “great enthusiasm for our products and services, resulting in an all-time record for our installed base of active devices.” Apple no longer shares unit sales of its products, so it is hard to guess how many iPhone units the company managed to sell during the previous quarter in India. However, cumulative earnings for the fiscal Q3 2022 are as follows:

— iPhone made $40.67 billion in Q3 with a 3 percent YoY jump
— Mac raked in a total of $7.38 billion, suffering a decline of 10 percent YoY
— iPad sales were down 1.9 percent YoY, earning Apple $7.22 billion in Q3
— Wearables, including Apple Watch, generated a revenue of $8.08 billion, 7.8 percent down YoY
— Services, including Apple Music and iCloud, saw a 12 percent YoY increase with Q3 revenue of $19.60 billion

Apple earnings in India

Apple iPhone sales in India grew mainly due to two factors. First, Apple, over the recent years, has bullishly started manufacturing top iPhone models in India. While that has not exactly translated into lower prices (considering import duty is no longer the same as before), it has managed to convince more buyers to get themselves a “Made in India” iPhone.

The second factor is aggressive discounts by sellers. Online shopping websites, as well as Apple Authorised Reseller stores, have been competing to dole out the best discount offer on the iPhone and other Apple products. They end up making the products more attractive in terms of value. Apple’s iPhone SE with 5G also helped the company pull in some revenue, but, according to CMR India, iPhone 12 and iPhone 13 accounted for the maximum sales.

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