Apple posts record quarter results in India thanks to online store launch

Apple has posted a record quarter in India despite a fall in iPhone sales worldwide. This is partly due to the launch of the Apple Store online in the country.

Highlights
  • Apple has posted a record revenue of $64.7 billion in the fiscal 2020 fourth-quarter
  • International sales accounted for 59 percent
  • Apple says a strong reception to the online store in India was a major push

Apple announced its fiscal 2020 fourth-quarter results that ended on September 26th, 2020. The company posted record revenue of $64.7 billion, with international sales accounting for 59 percent. It also set a new record in India for the quarter. Though it didn’t disclose the exact revenue for the country, the Asia Pacific region, excluding China, grew 10 percent YoY. Apple CEO, Tim Cook in a statement said, 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.”

Also read: iPhone 12, iPhone 12 Pro go on sale in India: price, where to buy, and more

According to Counterpoint, Apple led the premium market in India, pushing behind OnePlus and Samsung. iPhone 11 and the cheaper iPhone SE (2020) were the driving force for the Cupertino giant. Apple is also slowly diversifying its hub in China to India. Tata group is reportedly investing Rs 5,000 crores on a component manufacturing plant for Apple in Tamil Nadu.

iPhone 11 price in India discounted during upcoming sale

Apple’s Mac and services business set a new record. The company has made over $9 billion for Mac, while the iPad segment grew by 46 percent YoY, accounting for over $6 billion in sales. Similarly, the wearable and smart home also witnessed growth. However, Apple’s primary product — iPhone sales have slowed down with a 20 percent drop YoY mostly due to the supply chain issues caused by the COVID-19 pandemic and general decline of iPhones. The latest quarter results don’t include the iPhone 12 series as the launch was delayed to October. The iPhone 12 and 12 Pro have gone on sale in India and some other markets this week, while the 12 mini and 12 Pro Max will be available in November.