What you need to know
- Apple might have had a bumper year in India.
- A new report estimates that the company may have made $3 billion in revenue in FY21.
- That would be a 60% increase on last year.
A new report says that Apple might have made $3 billion in revenue in India this year, thanks to strong demand for devices like the iPhone 12 and the opening of its online.
Figures from CMR reported by The Economic Times state Apple could report $3 billion in revenue, from the report:
The report notes that strong demand for Apple's iPhone 12, currently the best iPhone the company has to offer, and other models have driven record revenue. iPhone sales make up the majority of Apple's revenue in the country. The $3 billion figure could represent 60% growth year-on-year, outstripping the smartphone market in India as a whole which grew by 29%. Despite this mammoth growth India only represents about 1% of Apple's global revenue, and the company has less than a 5% share of the smartphone market in the country.
Apple's India success has no doubt been buoyed in part by the opening of its online store in the country just shy of one year ago. Apple does have plans to establish a physical retail presence in the country, however the plans have hit multiple setbacks, in-part because of COVID-19. The new store is set to uccopy three floors of the Maker Maxity Mall in Mumbai, and has been talked on the cards for some time now.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9