iPhone revenue grows 10% to reach $42.6 bn globally, India a sweet spot

New Delhi: Apple iPhone revenue grew 10 per cent (year-over-year) to a September quarter record of $42.6 billion, the company has announced, as India market sees bumper iPhone sales led by the new 14 series.

Apple CEO Tim Cook said that the customer demand was strong and better than we anticipated that it would be.

“Customers are loving our iPhone 14 lineup. 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 to our daily lives,” Cook told analysts during the company’s quarterly earnings call late on Thursday.

Luca Maestri, Chief Financial Officer at Apple, said that iPhone revenue grew despite significant foreign exchange headwinds.

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

According to CyberMedia Research (CMR), iPhones grew 44 per cent (quarter-on-quarter) in the July-September period in India, selling over 1.7 million iPhones.

“Apple posted gains in the India market in Q3, 2022 and in the run-up to the all-important festive season. We continue to see the consumer demand for premium smartphones remaining resilient, with Apple being a prime beneficiary with its iPhone sales,” Prabhu Ram, Head-Industry Intelligence Group.

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