Apple is set to target emerging markets such as the Middle East when growth is slowing down in the Americas.
In the March quarter, an iPhone resurgence in the quarter was primarily driven by the Middle East, South Asia and Latin America while sales fell in countries including Japan and China, according to Apple’s chief financial officer, Luca Maestri.
CEO, Tim Cook, has underscored record-setting sales in countries such as Saudi Arabia, the UAE and the Philippines:
“Where our results were really stellar during this quarter was really in the emerging markets, and we couldn’t be prouder of the results that we had there.
“We’re putting efforts in a number of these markets and really see, particularly given our low share and the dynamics of the demographics, a great opportunity for us in those markets.”
As of March 2023, the monthly share of Apple in the Saudi Arabian mobile market reached around 42.2 per cent, which is up from around 39.3 per cent in January.
Apple earned $24.16 billion, or $1.52 per share, in the three-month period that ended April 1. That was down slightly from $25.01 billion, also $1.52 per share, a year earlier.
Revenue fell 3% per cent to $94.84 billion from $97.28 billion.
