Apple sees 36 percent YoY increase in overall revenues, India plays key role in growth

Tim Cook says that Apple has seen strong growth in India.

Highlights
  • Apple has released financial reports of the company for Q3 2020.
  • The revenues of the company have increased by 36 percent YoY.
  • Tim Cook says that the company has seen strong growth in India.

Apple has just announced its financial results for the third quarter of 2021. The new report has lots of good news for the investors in the company and Apple fans in general. For starters, the company has posted a revenue of USD 81.4 billion, which is a record-setting number for the Cupertino-based tech giant. Compared to the third quarter of 2020, the revenues of Apple have increased by a jaw-dropping 36 percent year-on-year (YoY).

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Revenues from iPhones went up by 50%

The revenue from iPhones accounted for USD 39.57 billion and it went up by a massive 50 percent YoY. This was the main growth driver for the company in this quarter. The sales of Macs made up USD 8.24 billion in revenue, whereas, that of iPads stands at USD 7.37 billion. The wearables, including Apple Watch and AirPods, brought a total revenue of USD 8.77 billion, which is a 40 percent increase over Q3 2020.

According to various analysts, the massive growth in the company’s revenue is a result of the shift in the culture where people are working and studying from home. The rollout of the 5G network in various countries across the globe has made people switch to 5G phones. This is also said to be one of the main factors resulting in the growth of the revenue.

This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users, at a time when using technology to connect people everywhere has never been more important. We’re continuing to press forward in our work to infuse everything we make with the values that define us — by inspiring a new generation of developers to learn to code, moving closer to our 2030 environment goal, and engaging in the urgent work of building a more equitable future,” said Tim Cook, Apple CEO, commenting on the quarterly financial results of the company.

Apple saw strong growth in India, says Tim Cook

In his opening statement, Tim Cook also referred to India. According to him, India is one of the emerging markets where it saw strong growth. The statement reads “Today, Apple is reporting a very strong quarter with double-digit revenue growth across our product and services categories and in every geographic segment. We set a new June quarter revenue record of $81.4 billion, up 36 percent from last year, and the vast majority of markets we tracked grew double digits, with especially strong growth in emerging markets, including India, Latin America, and Vietnam.”

Tim Cook also mentioned India in response to a question that was about people switching to Apple, upgrading within the brand’s portfolio, and iPhone’s range in emerging markets. He said “We had an incredible quarter for the emerging markets in Q3. We set June quarter records in Mexico, Brazil, Chile, Turkey, UAE, Poland, Czech Republic, India, obviously in China as I talked about before, Thailand, Malaysia, Vietnam, Cambodia, Indonesia. Those results are for the entire line of products that we have. And keep in mind, we still do have SE in the line. We launched it a year ago, but it’s still in the line today and is sort of our entry price point.”

Supply chain delays could affect Apple’s revenue for the next quarter

According to top-level officials at the company, Apple could face supply chain issues, especially with iPhones and iPads. This could affect Apple’s revenue for the next quarter, say, officials. Apple is expected to launch a bunch of new products in the coming months, including iPhone 13 series, a new Apple Watch, new AirPods, and new MacBooks powered by the M1 chipset. Maybe the new MacBooks will compensate for the decreased revenues with the iPhones and iPads that the brand predicts.