New Delhi . Technology major Apple earned nearly a third of its revenue from emerging markets in FY21 and doubled its business in India and Vietnam. The company’s Chief Executive Officer (CEO) Tim Cook gave this information.
The US company posted revenue of $83.4 billion, a 29 percent year-on-year increase in the fourth quarter ended September 25, 2021. Its net income for the quarter was $ 20.55 billion, compared to $ 12.67 billion in the same quarter a year ago. The company’s total net sales for the fiscal year ended September 2021 stood at $365.8 billion.
Doubling of business in India and Vietnam
“And we set quarterly records across geographies with strong double-digit growth across all regions,” Cook said. During FY21, we generated almost one-third of our revenue from emerging markets and doubled our business in India and Vietnam.
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According to Counterpoint Research, Apple was the largest growing brand in India in the September 2021 quarter with a year-on-year growth of 212 per cent and the highest 44 per cent market share in the premium smartphone (above Rs 30,000) market.
Company’s business is spreading very fast in India
This is the second consecutive quarter when the business of Apple India has picked up. Apple is the fastest growing smartphone brand in India in this quarter. Its market share in the premium smartphone segment is 44 percent. Phones costing more than 30 thousand rupees are kept in the premium smartphone category. Its market share in the ultra premium segment is 74 percent. Phones costing more than 45 thousand rupees come under the ultra premium category. According to the report, due to the strong demand for iPhone 12 and 11, there has been such a big jump in the Indian revenue of the company.
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Orignally published at Tailored Stash
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