Apple reported better-than-expected June quarter results amid other consumer firms reporting pressure in sales as people postpone purchases. Apple CEO Tim Cook said that the tech firm nearly doubled its revenues from India in the said quarter.
Apple posted sales and profit of $83.0 billion and $1.20 per share for the quarter ended June, according to Refinitiv data.
During an earnings call, Cook said: "We set June quarter records in the Americas, in Europe and the rest of the Asia Pacific region. We also saw June quarter revenue records in both developed and emerging markets, with very strong double-digit growth in Brazil, Indonesia and Vietnam, and a near doubling of revenue in India."
Apple Chief Financial Officer and Senior Vice-President Luca Maestri also said the company set "all-time records" in many countries, including the US, Mexico, Brazil, Korea and India.
Maestri cited Wipro's example as one of the multinationals investing in Apple products to attract and retain talent. He said Wipro is "another large global enterprise customer" that is investing in "MacBook Air with M1 as a competitive advantage when recruiting new graduates globally, thanks to its superior performance and lower total cost of ownership".
Cook said that iPhone tends to be the engine, especially while creating markets in countries Indonesia, Vietnam and India — three of the countries where the company performed well.
"We are really looking at all of these things from the installed base to the number of switchers to the geographic distribution," Cook said.
Maestri highlighted that the company's services portfolio contributed $19.6 billion in the June quarter despite impacts from its business in Russia and the macroeconomic environment.
The company also reported increased customer engagement with Services during the quarter under review. Apple's transacting accounts, paid accounts and accounts with paid subscriptions reported double-digit growth year on year.
"Our supply constraints were less than we anticipated at the beginning of the quarter, coming in slightly below the range we discussed during our last call. We know that this is a time of significant global challenge for all of us confronting new variants of COVID-19, to those experiencing a prolonged humanitarian crisis in Ukraine and everyone dealing with the consequences of an uncertain economic environment," Cook said during the call.
(With agency inputs)
