Apple CEO Tim Cook Thursday said the company’s $90.1 billion September quarter record revenue was powered by a strong performance in emerging markets like India, where it also set an all-time revenue record.
“Across nearly every geographic segment, we reached a new revenue record for the quarter and we continue to perform incredibly well in emerging markets with very strong double digit growth in India, South East Asia and Latin America,” Cook said in his earning call with analysts.
Apple’s fourth quarter revenue of $90.1 billion was up 8 per cent year-over-year, while the annual revenue of $394.3 billion was also up by the same percentage compared to the year before.
Apple CFO Luca Maestri said the company had set September quarter records in the vast majority of the markets. “Our performance was particularly impressive in several large emerging markets, with India setting a new all-time revenue record, and Thailand, Vietnam, Indonesia and Mexico more than doubling year-over-year.”
Responding to questions from analysts regarding inflation pressures globally and foreign exchange headwinds, Maestri said despite this Apple was “seeing very strong double digit growth in places like India, Indonesia, Mexico, Vietnam and many places where we have done incredibly well”.
“Obviously in local currency, those growth rates are even higher. It is important for us to look at how these markets perform in local currency because it really gives us a good sense of customer response for our products, the engagement with our ecosystem and in general the strength of the brand. And I have to say in that respect, we feel very very good about the progress we are making in a lot of markets around the world,” he added.
Interestingly, Cook said “silicon-related supply constraints were not significant” in the quarter, though he clarified that “we are still living through unprecedented times” with the war in Eastern Europe and the persistence of COVID-19 and climate disasters. “Through it all, we’ve aimed to help our customers navigate through the challenges while giving them the tools to drive progress for themselves and their communities,” he added.