Apple Inc has reported an increase in iPhone sales despite a global slump in the smartphone market. The rise was attributed to growth in emerging markets like India, where Apple is attracting Android phone users. Apple saw a 1.5% increase in iPhone sales to $51.3 billion for its fiscal second quarter while global smartphone shipments fell 13% in January to March, according to research firm Canalys. Apple gained market share from Android phones during this period.
Apple said it set sales records in several countries across South Asia, Latin America and the Middle East. Apple’s biggest focus is India, where it recently opened its first two retail stores in Mumbai and Delhi. Although Apple does not disclose revenue for India, CEO Tim Cook said it set a quarterly record and percentage growth was in very strong double digits year-over-year.
Cook sees a great opportunity for growth in emerging markets such as India, citing the demographics of its youthful populations and relatively low iPhone usage. Apple was the second biggest revenue-generating brand in India in 2022, gaining 18% of the total value of smartphone shipments, according to research firm Counterpoint.