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TECHNOLOGY

Apple’s third quarter earnings reach $53.8 bn with strong growth in India

Apple, Apple India, iPhone sales, Apple revenue, Apple China, smartphones, Huawei

The company has returned to growth in India, Brazil and mainland China

Apple’s CEO posted the company’s third quarter results for 2019 with arecord revenue of $53.8 billion. This is an increase of one percent from the previous year. 

India being Apple’s second-largest smartphone market is gaining traction as the company saw a return to growth. Cook said, “In emerging markets, we returned to growth in mainland China, grew strong double digits in India and in Brazil, and we set new Q3 records in Thailand, Vietnam and the Philippines.” 

Apple has plans to scale its manufacturing capacity in India. The country is a competitive market for smartphones, with a myriad of brands competing for the lion’s share of the market.

Chinese brands including Xiaomi, OPPO, Vivo and South Korea’s Samsung hav demonstrated a strong market presence in India over the years. India has more than 500 million Internet users. 

“On the market side, we have emerging markets where we have low penetration and during the quarter tactically, the emerging markets had a bit of a rebound. In fact, on a constant currency basis, we actually grew slightly in emerging markets,” he  said.

Apple is expected to launch iPhone 11 in September this year. Its iPhone sales dipped 12 percent to $26billion in the fiscal third quarter. That said, Huawei’s revenue increased more than 23 percent in the first half of the year despite the US ban on its sale over national security concerns. 

In the second quarter, Huawei sold 37.3 million phones in China, up 31 percent year on year, research firm Canalys reported.

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