Apple sets new iPhone records in Asia

Apple has reported record revenues from iPhone sales in India and China during the September quarter. 

Why Apple matters

Even as some other parts of the Apple empire came in with less than stellar results – overall revenues were down 1% for the quarter – the iPhone continues to perform strongly in two of the biggest markets in the world. And that opens up potential new revenue streams from its services. 

What's going on 

• In China, Apple set a new record for iPhone revenue in the September quarter; and if predictions of a market contraction are correct, “then we gained share last quarter”, CEO Tim Cook declared during an earnings call.
• Apple claimed the top four selling phones in urban China over the last year; its Mac and iPad products, however, “pulled down the performance” of the business overall.
• Apple also set a new record for iPhone revenue in India. “We see an extraordinary market, a lot of people moving into the middle class, distribution is getting better, lots of positives,” said Cook. 
• “Nowhere does the magic of Apple come alive more than it does in our stores,” added Cook. “Over the past year, we’ve continued to find ways to connect with even more customers.”
• New retail stores have been opened in India (for the first time), Korea and China, while the Apple store online has been expanded to Vietnam.

Key quote

“[India] is an incredibly exciting market for us and a major focus of ours. We have low share in a large market, and so it would seem there’s a lot of headroom there” – Tim Cook, CEO, Apple.

Sourced from Seeking Alpha