Cupertino-based tech giant Apple announced its third quarter results and seems to have it record numbers. Apple announced that it had set a new June quarter revenue record of $81.4 billion, up from 36% compared to last year. Fuelling these record-breaking numbers has been growth in countries like India, says Apple CEO Tim Cook. “The vast majority of markets we tracked grew double digits, with especially strong growth in emerging markets, including India, Latin America and Vietnam,” Cook told analysts during the earnings call.
Cook further says that Apple had “an incredible quarter for the emerging markets in Q3.” Among the countries where Apple hit quarterly record was Apple and Cook says it can be attributed to the philosophy of having something for everyone.
Referring to the most affordable iPhone — the iPhone SE — Cook says that it remains Apple’s entry point and an important part of the iPhone line up. “I think we need sort of that range of price points to accommodate the types of people that we want to accommodate. And so we’ve got something for the entry buyer who really wants to get into an iPhone and then something for the pro buyer who wants the very best iPhone that they can buy.”
India has been a price-sensitive market for Apple and in the last couple of years, the company has focused on it more aggressively. Apple, as Cook points out, does have an iPhone for everyone philosophy. The iPhone SE starts at under Rs 40,000 whereas the hugely popular iPhone XR and iPhone 11 can be purchased under Rs 50,000 at most times with deals and offers.
Apple continues to drive growth as the iPhone’s aspirational value towers above anything what rival phones might offer. Couple that with aggressive pricing and other factors, Apple’s road to growth in India looks less bumpy than it was in the previous years.