Apple India revenue nearly doubled: CEO Tim Cook

Apple Inc. nearly doubled its revenue in India and clocked strong double-digit growth in Brazil, Indonesia and Vietnam in the quarter ended June 2022.

The iPhone maker reported record $83 billion revenue — up 2% year-on-year — in the April-June quarter.

"We set June quarter records in the Americas, in Europe, and in the rest of Asia Pacific region. We also 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," Apple chief executive officer Tim Cook says in the tech giant’s earnings call.

"We saw great enthusiasm for our products and services, resulting in an all-time record for our installed base of active devices," he says, adding that the company posted record quarterly results despite supply constraints, strong foreign exchange headwinds, and the impact of its business in Russia.

Cook further says the phone maker continues to execute across some significant geographies where there's a very low penetration of iPhone. "Some of those were called out in the opening remarks between Indonesia and Vietnam and India, where we did quite well, and iPhone tends to be the engine for those markets, particularly at the beginning of creating the market there for Apple products," he says.

Apple's services business — which includes App Store, Apple TV+, Apple Music among others — clocked $19.6 billion revenue in the quarter ended June, up 12% despite headwinds from its business in Russia and the macroeconomic environment.

"We set June quarter revenue records in both developed and emerging markets and set all-time records in many countries around the world, including the U.S., Mexico, Brazil, Korea, and India," says Apple chief financial officer Luca Maestri.

Apple's iPhone revenue grew 3% year-over-year to $40.67 billion in the June quarter, accounting for close to half of the company's overall revenue.

The Cupertino, California-based company reported a profit of $19.4 billion in the quarter with quarterly earnings per diluted share of $1.20, beating expectations of $1.16.

"Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category," says Maestri. "During the quarter, we generated nearly $23 billion in operating cash flow, returned over $28 billion to our shareholders, and continued to invest in our long-term growth plans."

Apple's gross margin was 43.3%, down 40 basis points from last quarter as seasonal loss of leverage and unfavorable foreign exchange were partially offset by favorable mix, says Maestri. Products gross margin was 34.5%, down 190 basis points sequentially. Services gross margin was 71.5%, down 110 basis points sequentially.

Apple's board of directors has declared a cash dividend of $0.23 per share of the company's common stock.