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Apple revenue grows by 21% YoY, crosses 1 billion active iPhone users

Apple had its best quarter yet in India, having shipped 1.5 million iPhones in the country for the quarter ended December 2020.

January 28, 2021 / 08:41 AM IST

Apple's worldwide sales has grown by 21 percent year-on-year (YoY), the iPhone 12 maker announced during its financial results for fiscal 2021 that ended on December 26,2020. The company generated over $111.4 billion in sales during the last quarter, 64 percent out of which came from international markets.

The US tech giant had its best quarter yet in India, having shipped 1.5 million iPhones in the country for the quarter ended December 2020. It marked a 100 percent growth YoY, as per data from CyberMedia and Counterpoint.

“Our December quarter business performance was fuelled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices,” Apple CFO Luca Maestri said.

Apple CEO Tim Cook told Reuters that the company now has an active installed base of 1.65 billion devices, compared with 1.5 billion devices a year ago. A company spokesperson told The Verge that Apple counts a device as active if it has engaged with an Apple service within the past 90 days. Cook has also said Apple now has an installed base of more than one billion iPhones, an increase over the 900 million the company most recently disclosed in 2019.

China proved a strong market for the Apple iPhone, with overall sales rising 57 percent to $21.31 billion. Apple also managed to double its India market share to 4 percent. This was due to improved sales of the Apple iPhone 12, older units such as iPhone 11, and the iPhone XR, and new models like the iPhone SE.

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"India is one of the markets where our share is quite low. It did improve from the year-ago quarter. Our business roughly doubled over that period of time. And so we feel very good about the trajectory. We are doing a number of things in the area," Cook said.

He further said that the Apple Online Store in India launched in September 2020 was the first full quarter and has got a "great reaction", helping Apple achieve the results that it got to last quarter.

"We're also going in there with retail stores in the future. And so we look for that to be another great initiative and we continue to develop the channel as well," Cook said. There have been talks of Apple opening its first retail store in Mumbai later this year. Apple is also manufacturing some of its iPhone models in India, including the iPhone 11 and iPhone SE.

Mac sales hit expectations at $8.68 billion. Sales of iPads, services and wearable topped Wall Street targets. The iPad revenue was $8.44 billion and the services business, which includes its new Apple One bundle of television, music and cloud storage services, had $15.76 billion in revenue.

Apple’s wearables and accessories segment, which includes the Apple Watch Series 6, Apple Watch SE, and AirPods product lines, hit $12.97 billion in revenue.
Moneycontrol News
first published: Jan 28, 2021 08:41 am

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