Fueled by growth in digital services and wearables, the iPhone-maker posted quarterly revenue of $64 billion (Rs.4.53 billion approx.) when announcing the results for the fourth fiscal quarter of 2019, media reported on Thursday.
Product sales in international markets, including India, accounted for a hefty 60 per cent of the $64 billion revenue Apple garnered last quarter.
In India, the starting price for Apple laptops – MacBooks, is a hefty $850 (Rs. 60,000) and can go up to over $3,000 approx. (Rs.225,000) for 8th Gen MacBook Pro laptops.
The latest versions of Apple Watch Series 5 and iPhone 11 launched earlier in September, and also cost outlandishly- between over $560 (Rs.40,000) and $1,400 approx. (Rs.99,900) – as their starting prices.
The Indian economy has remained sluggish, with GDP growth the slowest in over six years in the face of a sharp deceleration in consumer demand and lukewarm investment.
Despite the slowdown, earlier this week it was revealed that the tech-savvy young country defied the economic slump to the benefit of smartphone makers from around the world.
Growing by 10 per cent, smartphone shipments hit a new record high of 49 million units during the third quarter of 2019, driven by new product launches and special discounts, research firm Counterpoint said in a report on Thursday.
While Apple failed to disclose specifics about its India revenue, Luca Maestri, Chief Financial Officer (CFO) of the Cupertino-based tech giant did note that the company posted its all-time record for Mac revenue in the country.
Earlier in September, media reported that Apple was set to invest $1 billion to launch iPhone production in India; strengthening its grip on the highly competitive Indian smartphone market.
In addition, the company also decided to put in an extra $13 million specifically to expand its online and retail presence in the country.
Apple’s profit in the quarter that ended in September nose-dived four per cent from a year ago to $13.7 billion, revenues soared up two per cent to $64 billion.
The company expects to earn $85.5 billion to $89.5 billion in sales for its fiscal first quarter that ends in December.