Apple nearly doubled its revenue in India for the quarter ended June 2022, chief executive Tim Cook said during the company's earnings conference call on July 28.
"We saw June quarter revenue records in both developed and emerging markets with very strong double-digit growth in Brazil, Indonesia and Vietnam and a near doubling of revenue in India," Cook said.
Apple does not provide a country-wise split of its revenues but the "Rest of Asia-Pacific Region", which includes India, reported revenues of $6.15 billion for the quarter ended June 25, 2022, a 14 percent increase from $5.4 billion in the year-ago period.
The region accounted for 7.5 percent of Apple's overall revenue for the quarter that came at $83 billion, up 2 percent year on year (YoY).
Apple leads the premium smartphone market—above Rs 30,000—in India. It shipped over six million iPhone units In India in 2021, doubling from three million in 2020, according to market research firm Counterpoint Research. This was driven by an aggressive expansion of its offline presence and increased manufacturing capabilities in the country.
Apple's share in the country's smartphone market in the country, however, is still quite small, hovering between 3-4 percent, as per industry estimates.
Chinese phonemaker Xiaomi leads the smartphone market with a 23 percent share followed by Samsung with 20 percent as of Q1 2022, according to Counterpoint Research.
Overall, Apple's iPhone business saw net sales grow by 3 percent YoY to $40.7 billion for the quarter, sales from its Mac business declined 10 percent to $7.4 billion and the iPad business fell 2 percent to $7.2 billion.
The company attributed the decline in the Mac and iPad businesses to supply-chain constraints and foreign exchange headwinds.
Sales from its services business, which includes App Store, cloud services, music, video, advertising, and payment services, however, saw its slowest growth in six years. The unit grew by 12 percent YoY to $19.6 billion.
During the earnings call, Cook said that some services such as digital advertising were impacted by the macroeconomic environment.
Wearables, home and accessories segment registered $8.1 billion in sales, down 8 percent YoY due to foreign exchange headwinds, different launch timing for Home and Accessories products and supply constraints as well as the overall macroeconomic environment, the company said.
Apple now has more than 860 million paid subscriptions across its services, up from 825 million in the previous quarter.
'More deliberate' in hiring
During the earnings call, Cook also mentioned that they will continue to hire people but are "being more deliberate in doing so in recognition of the realities of the environment".
In recent months, tech giants such as Alphabet, Microsoft and Snap Inc have taken similar steps to rein in their hiring growth rate. On July 27, Meta CEO Mark Zuckerberg said the company would steadily reduce headcount growth over the next year.