Apple Registers Slowest Revenue Growth In India In Six Years
Despite launching one of the most anticipated smartphones of 2017, the iPhone X, Apple has registered its slowest growth in India in the past six years. According to the Registrar of Companies, Apple registered a 17% growth in revenue for 2016-17, which is slowest since 2010.
The Cupertino-based tech giant earned Rs. 11,618.7 crores in revenue during the 2016-17 period ending March compared to Rs 9,937 crores earned in 2015-16, which is a 17% growth.
Back in November 2016, the Indian government announced the demonetization of the Rs. 500 and Rs. 1000 note. After that announcement, many rushed to buy iPhones and MacBooks within the first couple of weeks, but the spending spree fizzled out in the months between December and March both offline and online. In February 2017, Apple CEO Tim Cook also conceded that the company was still facing the aftermath of demonetization.
According to a report by Counterpoint Research, Apple sold 2.9 million units in India this year compared to 2.2 million units in 2016. While the iPhone X received rave reviews, the low numbers could be due to the less popularity of the iPhone 8 and iPhone 8 Plus.
Another reason could be the rising price of iPhones in India. The iPhone X in the US market starts at a price of US $999 which translates to Rs. 65000. However, in India, it starts at Rs. 89000 which is pricey for the Indian market.
The iPhone SE 2, which is expected to be launched in early 2018, will be assembled in India. This means that it will be competitively priced in the country and might convince a mass population to go for the iPhone SE 2.