Apple announced in its 2022 fourth-quarter earnings call that it had set a new all-time revenue record in India. Owing primarily to the rising demand for iPhones. “We achieved a new revenue record for the quarter across nearly every geographic segment,” Apple CEO Tim Cook said in his opening remarks. “We continue outperforming in emerging markets, with double-digit growth in India, Southeast Asia, and Latin America.”
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What’s surprising is that although new iPhone prices in India are one the highest in the world due to local taxes and tariffs, demand for iPhones continues to rise.
Apple stated that production of the new iPhone 14 has already begun in India and that the India-assembled iPhone 14 will be available in Q4. For those unaware, Foxconn is assembling the new iPhone 14 in Sriperumbudur, near Chennai.
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Despite the firm dollar and the challenging FX environment, the company has seen powerful performance in many international markets. Particularly in some huge emerging markets, we see solid double-digit growth even in reported currency (USD).
We have done incredibly well in places like India, Indonesia, Mexico, Vietnam, and many other places.” And, of course, those growth rates are even higher in local currency,” Maestri explained.
“We must examine how these markets perform in local currency because it gives us a good sense of customer response to our products, engagement with our ecosystem, and overall brand strength.” And I have to say that we are happy with the progress we are making in many markets around the world,” he added.
