iPhone revenue up 10% to $42.6 billion globally, India sweet spot

New Delhi: Apple’s iPhone revenue rose 10 percent (year-on-year) to a September quarter record of $42.6 billion, the company said, as the Indian market saw huge iPhone sales led by the new 14 series.

Apple CEO Tim Cook said customer demand was strong and better than we expected it to be.

“Customers love our iPhone 14 range. Loaded with camera upgrades for sharper photos, Action mode for smoother videos and new safety features like crash detection and emergency SOS via satellite, iPhone is even more indispensable in everyday life us,” Cook told analysts on the company’s quarterly earnings call late Thursday.

Luca Maestri, Apple’s chief financial officer, said iPhone revenue grew despite significant currency headwinds.

“We set records for the September quarter in most of the markets we track, and our performance was particularly impressive in several major emerging markets, with India setting a new all-time revenue record,” he informed.

According to CyberMedia Research (CMR), iPhones grew by 44 percent (quarter-on-quarter) in the July-September period in India, with over 1.7 million iPhones sold.

“Apple posted gains in the Indian market in Q3 2022 and ahead of the all-important holiday season. We continue to see consumer demand for premium smartphones remain resilient, with Apple a major beneficiary with iPhone sales,” Prabhu Ram, group head of industry intelligence.

Despite the prevailing macro environment, Apple reported gains on the back of its strong brand equity and the sheer aspirational appeal of the iPhone in India, he added.

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