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Home / Business / Apple posts record revenue of 64.7 billion dollars for September quarter

Apple posts record revenue of 64.7 billion dollars for September quarter

Tech giant's renewed focus on India pays off with a growth of nearly 8,00,000 units in smartphones, says research
Apple, which competes in the premium smartphone segment in India with players like Samsung and OnePlus, has been aggressively ramping up its presence in the Indian market.

Our Bureau, Agencies   |   New Delhi   |   Published 30.10.20, 01:14 PM

Tech giant Apple has posted a record September quarter revenue of USD 64.7 billion, with strong performance across markets including India.

"Geographically, we set September quarter records in the Americas, Europe and Rest of Asia Pacific. We also set a September quarter record in India, thanks in part to a very strong reception to this quarter's launch of our online store in the country," Apple CEO Tim Cook said in an earnings call.

In September, Apple launched its first online store in India - a market that is dominated by Android smartphones.

Apple, which competes in the premium smartphone segment in India with players like Samsung and OnePlus, has been aggressively ramping up its presence in the Indian market.

The US-based company, in collaboration with partners like Wistron and Foxconn, had recently started assembling iPhone 11 in India.

According to research firm Canalys, the tech giant's renewed focus on India paid off with a double-digit growth to nearly 8,00,000 units in the region during the July-September 2020 quarter.

A Counterpoint report had noted that Apple led the premium segment (over Rs 30,000) surpassing OnePlus even before its flagship launch, driven by strong demand for its iPhone SE 2020 and the iPhone 11. Its latest offering, iPhone 12 will further strengthen its position in the December quarter, it had noted.

India's smartphone shipments in the premium segment (priced above Rs 30,000) was one of the least affected segments and reached its highest-ever share in the overall India smartphone market, contributing more than 4 per cent in total smartphone shipments, as per Counterpoint.

Apple, in its statement, said international sales accounted for 59 per cent of the revenue (USD 64.7 billion) for the fourth quarter ended September 26, 2020.

"Despite the ongoing impacts of COVID-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive," Cook said in the statement.

He added that Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services.

"We also achieved new September quarter records in the vast majority of countries that we track, including among others the US, Canada Brazil, Germany, France, Italy, Spain, Turkey, Russia, India, Korea, Thailand, Malaysia and Vietnam, Apple CFO Luca Maestri said on the investor call.

Apple's products revenue was at USD 50.1 billion, while services set an all-time record of USD 14.5 billion.

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