- Quarter in these regions and India was impressive "despite the headwinds of the currency"
- Emerging markets are essential as they have broader growth potential
- The Americas region had a year-on-year decrease of 8.03%
Apple revealed that countries such as Saudi Arabia, Mexico, Brazil, Indonesia, and other emerging markets had a “stellar” performance during its second fiscal quarter.
During the call with investors on Thursday, Tim Cook, Apple’s CEO, commented that Apple’s quarter in these regions and India was impressive “despite the headwinds of the currency” and said it is relevant for Apple to increase efforts in those regions.
Apple highlighted the relevance of the regions but did not provide specific details, such as revenue for the performance or how the company will increase its efforts in these areas.
India, one of the regions with high quarterly performance, received its first two official stores last month. Tim Cook himself was in the region for the opening of one of the stores and carried out various activities to promote the store.
Emerging markets are essential for Apple as they have broader growth potential. It is logical for Apple to focus more on these regions to compensate for underperformances or declines in sales from its other prominent regions. The Americas region, for example, had a year-on-year decrease of 8.03%.
Apple reported $94.8 billion in revenue and $24.1 billion in net profit for Q2 2023, with services and iPhone revenue setting new records. Mac and iPad sales fell below expectations. The revenue breakdown per category is as follows: iPhone $51.3 billion, Mac $7.17 billion, iPad $6.67 billion, Wearables/Home/Accessories $8.76 billion, and Services $ 20.81 billion. Apple also authorized a cash dividend payment of $0.24 per share.