India playing significant role in Apple’s revenue growth: Tim Cook

Apple announced its financial results for the fiscal 2022 third quarter with a revenue record of $83 billion, which is up by 2 percent year over year. CEO Tim Cook said that India is one of the few countries that played a significant role in the revenue growth in the quarter.

Cook said that the growth is powered by June quarter revenue records in developed and emerging markets with double-digit growth in Brazil, Indonesia and Vietnam, and a near doubling of revenue in India.

Cook added that the company continues to execute across some significant geographies with low penetration of iPhones between Indonesia, Vietnam and India where we did quite well. “iPhone tends to be the engine for those markets, particularly at the beginning of creating the market there for Apple products,” he added.

The Apple CEO said the majority of constraints last quarter were because of the “COVID restrictions that occurred, that resulted in plant closures and plants running at less than full utilisation for some amount of the quarter, in some cases, the majority of the quarter”. However, Cook assured that the “constraint numbers for the September quarter will be less than they were in the June quarter”.