'Very, very pleased' with India growth story: Apple
After delivering strong March quarter results, Apple has said that the company is very pleased with its growth story in India, as iPhone sales, along with iPads and Macs, continue to rise in the country. According to a latest report by market intelligence firm CMR, Apple shipped over a million iPhones in the country in the first quarter of 2021, growing close to an impressive 90 per cent (on-year) during the three-month period.
During the company's earnings call on Wednesday, Luca Maestri, Senior Vice President and Chief Financial Officer, said that working from home, learning from home and limited entertainment options has all played in our favour.
"Keep in mind that our Europe segment is a very broad version of Europe, because it includes Western Europe which has done very, very well. And then, Eastern Europe and it goes into the Middle East, even India is part of Europe, and those emerging markets have done incredibly well, significantly better than company average," Maestri told analysts.
"So very, very pleased with some of the results in India. For example, Russia, Middle East, in general. So, it's been very broad, both across product categories and across countries in Europe," he added.
As per early estimates from CMR, iPhone 11 and XR accounted for 67 per cent of Apple's shipments during the January-March period. On the back of increased domestic assembly, Apple iPhone 11 shipments increased 176 per cent (on-year) in the first quarter.
According to Counterpoint Research, Apple maintained its leading position in the India premium smartphone market with nearly 48 per cent share in the first quarter of 2021. Apple witnessed a massive 207 per cent growth (year-on-year) in India in Q1 2021, continuing to carry forward its momentum in the January-March period this year.
Apple has also registered more than 1 million shipments for two consecutive quarters for the first time. Not just iPhones, Apple also grabbed the second position in the India tablet market with a market share of 29 per cent in the January-March quarter.
In Q1 2021, Apple iPads continued to perform exceptionally in India with more than 140 per cent (year-on-year) growth, as per estimates by CMR. Apple will soon produce its flagship and environment-friendly iPhone 12 smartphone in India for the local customers.
The company started manufacturing iPhones in India in 2017 with iPhone SE. Today, Apple manufactures some of its most advanced iPhones in India including XR, iPhone 11, and now iPhone 12.
