APApple’s India business has roughly doubled on-year in the last quarter of 2020. Despite the brand’s market share being low in the country, Apple’s business growth is on a good trajectory, CEO Tim Cook said in an earnings call on Thursday.
“India is one of those, where our share is quite low. It did improve from the year-ago quarter. Our business roughly doubled over that period of time. And so we feel very good about the trajectory,” Cook said.
He added that the launch of company-owned exclusive online stores has received a great reaction and the upcoming offline retail store will further strengthen the channel for the brand in India.
“We are doing a number of things in the area. We put the online store there, for example, and last quarter was the first full quarter of the online store. And that has gotten a great reaction to it and has helped us achieve the results that we got to last quarter,” Cook said.
“We're also going in there with retail stores in the future. And so we look for that to be another great initiative and we continue to develop the channel as well. And so there are lots of things, not only in India but in several of the other markets that you might name where our share is lower than we would like,” he said.
During the October-December quarter, Apple’s market share has doubled to 4% with iPhone shipments crossing 1.5 million for the first time ever, ET had reported. 2020 was also the best ever year with iPhone sales crossing 3.2 million and annual share being 2.4%.
Apple’s global revenue also hit an all-time high in the period at $111.4 billion, an increase of nearly $20 billion or 21% from a year ago. Active installed base of iPhones globally is now over 1 billion, the brand said.
“We grew strong double digits in each of our product categories, with all-time records for iPhone, Wearables, Home and Accessories and services as well as a December quarter record for Mac. We also achieved double-digit growth and new all-time records in each of our five geographic segments and in the vast majority of countries that we track,” CFO Luca Maestri said during the earnings call.
Products revenue was an all-time record of $95.7 billion, up 21% over a year ago, while Services set an all-time record of $15.8 billion, growing 24% year-over-year.
“India is one of those, where our share is quite low. It did improve from the year-ago quarter. Our business roughly doubled over that period of time. And so we feel very good about the trajectory,” Cook said.
He added that the launch of company-owned exclusive online stores has received a great reaction and the upcoming offline retail store will further strengthen the channel for the brand in India.
“We are doing a number of things in the area. We put the online store there, for example, and last quarter was the first full quarter of the online store. And that has gotten a great reaction to it and has helped us achieve the results that we got to last quarter,” Cook said.
“We're also going in there with retail stores in the future. And so we look for that to be another great initiative and we continue to develop the channel as well. And so there are lots of things, not only in India but in several of the other markets that you might name where our share is lower than we would like,” he said.
During the October-December quarter, Apple’s market share has doubled to 4% with iPhone shipments crossing 1.5 million for the first time ever, ET had reported. 2020 was also the best ever year with iPhone sales crossing 3.2 million and annual share being 2.4%.
Apple’s global revenue also hit an all-time high in the period at $111.4 billion, an increase of nearly $20 billion or 21% from a year ago. Active installed base of iPhones globally is now over 1 billion, the brand said.
“We grew strong double digits in each of our product categories, with all-time records for iPhone, Wearables, Home and Accessories and services as well as a December quarter record for Mac. We also achieved double-digit growth and new all-time records in each of our five geographic segments and in the vast majority of countries that we track,” CFO Luca Maestri said during the earnings call.
Products revenue was an all-time record of $95.7 billion, up 21% over a year ago, while Services set an all-time record of $15.8 billion, growing 24% year-over-year.