Smartphone giants Apple Inc. recorded a surge in sales of its handsets by 51% in India even though global sales depreciated, thus total revenue settling down by 14.6%. Surprisingly it surpassed Wall Street in its third quarter thus estimating a top revenue in the present period of trade analysis. The Giants soothed out breathing as its utterly demanding product had hit the market and earned a profit in one of the most upcoming markets in the world.
In its filing, Apple stated that it sold as many as 40 million handsets which eventually helped in increasing shares by 7% within hours. Though the sales were lower than previous sales due to the demand in the Indian market, it managed to upgrade enough by surging iPhone sales by 51%.
The sales of Apple phones dropped by 14.6% in its second quarter pushing down the sales in next level of the third quarter of the fiscal year, ending June 25, 2016. One of the major reasons behind the downfall was waning of China market. India being a huge changing market helped iPhone to increase sales by 51%. The economic uncertainty led to a slowdown in the sales in China as well as more mature markets as end users are using their present handsets for a long-term. In fact, the mega giants in smartphone niche even thought of backing at certain point hence worrying regarding their sales up to delivering profits at a level of Wall Street expectation.
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Seeking a futuristic approach, Apple’s next big settlement App Store and iCloud came under a big spotlight. Also, it’s introduction of iPhone 6 was a blockbuster in India and overseas in comparison to other leading smartphones. The similar expectations as of the respective handset along with tougher exchange rates led to a downfall in current quarter sales, though witnessing a surge in the Indian market.
Since it’s release for the first time in 2007, the total sales of the company depended on the iPhone sales which settled to almost two-thirds of it. The sales dropped for the first time in the last quarter by 16.3% due to competitive trade. The company’s latest news came as its new range of Series iPhone SE, a smaller and cheaper version is set to hit the global market later this year. Despite an increased sale by 51% in India of iPhone, Apple’s quarterly net profit fell down by 27% settling at 7.8 billion USD, whereas its revenue generation came to 42.36 billion USD.