Apple sets new all-time revenue record in India

Apple chief executive Tim Cook on Thursday said the iPhone maker's record revenue in the September quarter was aided by the company's strong double-digit growth in emerging markets like India.

"Across nearly every geographic segment, we reached a new revenue record for the quarter. And we continue to perform incredibly well in emerging markets with very strong double-digit growth in India, Southeast Asia, and Latin America," CEO Tim Cook said in Apple's earnings call.

Apple clocked record revenue of $90.1 billion in the quarter ended September, up 8% year-on-year, and quarterly earnings per diluted share of $1.29, up 4% year over year.

The tech giant's annual revenue stood at $394.3 billion, up 8% year over year, and annual earnings per diluted share were $6.11, up 9% year over year.

"We set September quarter records in the vast majority of markets we track, and our performance was particularly impressive in several large emerging markets, with India setting a new all-time revenue record and Thailand, Vietnam, Indonesia, and Mexico more than doubling year over year," said Apple chief financial officer Luca Maestri.

iPhone revenue grew 10% year-on-year to a September quarter record of $42.6 billion, despite significant foreign exchange headwinds.

Despite a very strong US dollar and the difficult forex environment, Apple has seen very strong performance in many international markets, says the Apple CFO.

"We're seeing very strong double-digit growth in places like India, Indonesia, Mexico, Vietnam, many places where we've done incredibly well. And obviously, in local currency, those growth rates are even higher. It's important for us to look at how these markets perform in local currency because it really gives us a good sense for the customer response to our products, the engagement with our ecosystem and in general, the strength of the brand," Maestri added.

"Our record September quarter results continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop," said Maestri. "We continued to invest in our long-term growth plans, generated over $24 billion in operating cash flow, and returned over $29 billion to our shareholders during the quarter."

On the semiconductor shortage, Cook said that silicon-related supply constraints were not significant during the quarter. "I want to acknowledge that we are still living through unprecedented times. From war in Eastern Europe to the persistence of COVID-19, from climate disasters around the world to an increasingly difficult economic environment, a lot of people and a lot of places are struggling," he added.

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