Apple offered just enough positive news in its quarterly sales report to avoid the fate of other tech titans this earnings season when valuations have plummeted by hundreds of billions of dollars. Apple’s revenue and profit both surpassed experts’ projections in the most recent quarter, despite lower-than-expected sales of the iPhone and services. The company predicts that growth will be slower in the current period.
Apple experienced a double-digit sales increase in India in the September quarter, although Android smartphones dominate the country’s smartphone market. In almost every regional sector, Apple set new revenue records for the quarter. During the company’s earnings call, Apple CEO Tim Cook said that the company continues to do extremely well in emerging markets, with double-digit growth in India, Southeast Asia, and Latin America.
On the strength of robust demand for its premium devices, Apple India’s consolidated revenue reached an all-time high of $4.03 billion (Rs 33,381 crore) in the financial year 2022, up roughly 45 percent.
With its headquarters in Cupertino, California, Apple Inc. is a global technology company that focuses on consumer electronics, software, and online services. As of June 2022, Apple was the largest company in the world by market capitalization, the second-largest producer of mobile phones, the fourth-largest vendor of personal computers by unit sales, and the greatest technology company by revenue (totaling US 365.8 billion in 2021). One of the Big Five American IT companies, along with Alphabet, Amazon, Microsoft, and Meta, is this one.
On April 1, 1976, Apple was founded as Apple Computer Company by Steve Jobs, Steve Wozniak, and Ronald Wayne to develop and commercialize Wozniak’s Apple I personal computer. As a result, Jobs and Wozniak decided to incorporate the business as Apple Computer, Inc. in 1977. The company then built the Apple II, one of the first microcomputers to be mass-produced, which gained popularity very quickly. Apple went public in 1980 and saw immediate financial success.
In August 2018, Apple became the first U.S. firm valued at over $1 trillion. The appraisals that followed this were $2 trillion in August 2020 and, most recently, $3 trillion in January 2022. The corporation is criticized for its environmental practices, corporate ethics, especially anti-competitive actions, and the labor practices of its contractors. Despite this, the brand is highly regarded and has a considerable fan base. One of the most valuable brands in the world, according to rankings
The company produced computers with cutting-edge graphical user interfaces, notably the first Macintosh, which was introduced in a well-received commercial in 1984. The company was It It It had issues in 1985 with its expensive products and power disputes among the management. While Jobs bitterly left Apple and established NeXT, Wozniak voluntarily left the company and pursued other interests.
According to the company’s filings with the registrar, net profit for the financial year 2022 increased 3 percent to $150 million (Rs 1,263 crore).
Apple’s chief financial officer, Luca Maestri, announced a new all-time record for iPhone sales during the quarter, along with the company’s financial results.
During the company’s fourth-quarter results call, CEO Tim Cook stated that Apple produced record September quarter revenue despite stronger-than-anticipated foreign currency headwinds, with significant double-digit growth in India.
According to Refinitiv statistics, the iPhone manufacturer’s September quarter revenue was $90.1 billion, up 8% from the same period last year and higher than experts’ projections of $88.90 billion. According to estimates from Refinitiv, its net income for the quarter was $20.7 billion (or $1.29 per share), up 4% from the prior year and above analysts’ forecasts of $1.27 per share.
As geopolitical tensions between the United States and China rise, Apple must likewise navigate them. Washington has been motivated by Beijing’s military provocations to carefully consider the implications for the supply chain if China invades Taiwan. The transfer of American technology to Chinese chipmakers is now subject to additional regulations, and Chinese President Xi Jinping last week advised his country to be ready for “dangerous storms.”
