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Demonetization did not have an impact on Apple’s India sales: Tim Cook

“Despite the demonetization move in India that created lots of economic pressure there last quarter, despite that, we had all-time record revenue results, and so we were very happy about that,” said Apple’s CEO Tim Cook in response to a question about operations in India.

Cook continued, “The demonetization impact has not worked its way through yet. It’s still definitely having some overhang. But I think in the longer term, it’s a great move, and I feel really good about how we’re doing there. We are in discussions on a number of things, including retail stores, and fully intend to invest significantly in the country and believe it’s a great place to be.”

Note that in the previous quarter (Q4FY16), iPhone sales in India were up 50% year-on-year, although the company did not provide the absolute numbers in terms of units sold. Apple did not provide any India specific numbers this quarter, although SVP and CFO at Apple Luca Maestri said that, “We also established new all-time revenue records in most developed and emerging markets, with strong growth rates in many countries, including the U.S., Japan, Canada, France, Australia, Brazil, India, Turkey, and Russia.”

Services revenues:

Revenues from Apple’s Internet-based services like Applecare, Apple Pay, licensing revenues, and other services stood at $7.2 billion, growing 18% year on year. Under services, Apple mentions that  its App Store ‘broke all-time records’ during the holiday quarter, including $3 billion in purchases in December alone.

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Cook mentions that “Our innovative and vibrant developer community has created over 2.2 million apps for doing almost anything that you can imagine. Apple’s developer community has now earned over $60 billion, including over $20 billion in 2016 alone. Services are becoming a larger part of our business, and we expect the revenues to be the size of a Fortune 100 company this year. Our Services offerings are now driving over 150 million paid customer subscriptions. This includes our own services and third-party content that we offer on our stores. We feel great about this momentum, and our goal is to double the size of our Services business in the next four years.”

iPad, Mac & other devices:

Apple sold 5.4 million Macs and generated its highest quarter Mac revenues of all time. The company sold 3.1 million units of iPad. Cook mentions that “And we posted double-digit growth in both Mainland China and India, as we’ve expanded distribution channels in those countries and we continue to attract a very high percentage of first-time tablet buyers.”

As for CarPlay, Apple mentions that almost every major automaker will support the platform, with over 200 different models announced with CarPlay support for now. As of now, the service is used by 1 million people.

iPhone sales:

Apple sold 78.3 million units of iPhones, which it mentions is an all time record, and an increase of 5% year on year. According to Cook, “iPhone had a tremendous quarter thanks to exceptional demand that beat our own internal expectations. While iPhone 7 is our most popular model, we saw especially strong demand for iPhone 7 Plus, which was a higher portion of the new product mix than we’ve ever seen with Plus models in the past. Demand for iPhone 7 Plus exceeded supply throughout the quarter, and we came into supply/demand balance in January.”

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Globally, Apple posted a net profit of $9 billion for Q1FY17 and generated revenues of $78.4 billion, which is up 3.3% from $75.9 billion in the same quarter last year. In the previous quarter (Q4FY16), the company posted total revenues of $46.8 billion.

Download: Press Release | Transcript

Image Credits: Flickr user Mike Deerkoski under CC BY 2.0

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