1 Emerging Catalyst That Apple Investors May Have Missed
Apple (NASDAQ: AAPL) released fiscal 2022 third-quarter results (for the three months ending June 25, 2022) on July 28, and investors should have been pleased to see an improvement in sales of the iPhone at a time when the overall smartphone market was in the soup.
More specifically, Apple's iPhone revenue increased to $40.7 billion last quarter from $39.6 billion in the prior-year period. While that isn't a huge jump, it is worth noting that global smartphone sales dropped 9% year-over-year in the second quarter of 2022, according to market research firm Canalys. Apple's iPhone shipments, however, reportedly increased 8% year-over-year to 49.5 million units as per Canalys.
Emerging markets were one of the reasons behind Apple's resilient iPhone sales performance last quarter. CEO Tim Cook said on the latest earnings conference call that Apple witnessed "very strong double-digit growth in Brazil, Indonesia, and Vietnam." He also added that the company's revenue in India nearly doubled. That's something investors should take note of, as the Indian market presents a solid long-term growth opportunity for Apple. Here's why.
Source Fool.com
