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Apple Earnings Call: Record Q4 Revenue in India as Mac Sales Rise in the Country

Apple Earnings Call: Record Q4 Revenue in India as Mac Sales Rise in the Country

Apple's strong fourth quarter performance in India come as a much needed respite, after it filed a 70 percent profit decline in India for 2018-19.

Apple has held its Q4 2019 earnings call, beating analyst and investor expectations to report global quarterly revenue of $64 billion for the period of July to September 2019. During the call, Apple CFO Luca Maestri revealed that the company registered its highest ever fourth quarter revenue in certain markets, including India. Maestri also reported an all-time high for fourth quarter Mac sales in India, even though global quarterly Mac sales declined 5 percent.

The revelations match analyst expectations of Apple turning its business in India around in this financial year (2019-20), after documents filed with the Registrar of Companies (RoC) in India revealed a 70 percent annual decline in profit, and 19 percent decline in net revenue. Granular, product and section-specific data on Apple's India business is otherwise scarce. Globally, Apple's net revenue exceeded the revenue guidance of $63 billion set by Wall Street analysts, and investors will also rejoice Apple's per-share earning of $3.03, against the expectation of $2.84 per share.

Despite annual decline of 9.2 percent, iPhones still account for Apple's biggest share of its revenue, raking up $33.36 billion for the quarter. Apple's relatively recent Services line has yet again recorded steady growth, rising to $12.5 billion in revenue, up from $10.6 billion last year. Mac revenues reached $6.99 billion post its annual decline, while wearables and iPads contributed $6.52 billion and $4.65 billion in revenue, respectively.

The numbers continue a steady growth track for Apple in recent times, as the recent revival in iPhone sales, coupled with a steady revenue growth, have buoyed Apple's shares in recent times. Since January 2019, Apple's share price has grown from $142.19 to $249.05 — a 75 percent increase in 10 months. Continuing this streak, Apple also announced a stronger revenue guidance for the holiday season, with quarterly revenue prediction of $89.5 billion, as against $84.3 billion from holiday 2018.

Going forward, it will be interesting to see how the next three months pan out for Apple. With reports of stronger than expected iPhone 11 sales, the company will hope to continue on its growth path, in the quarters to come.