Apple CEO Cook: emerging markets can fuel global growth

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iPhone shipments rose marginally in the most recent three month period

Apple says growth in emerging markets can help it increase unit sales in a slowing global smartphone market.

The claims from CEO Tim Cook (pictured) come after the manufacturer revealed its Q3 financial results for the three months ending July 1.

Revenues grew year-on-year from $42.4 billion to $45.4 billion, with international sales accounting for 61 per cent of the third quarter numbers.

Apple sold more than 41 million iPhones worth $24,846 million, up from 40,399 units at $24 billion.

The biggest region for revenue growth overall was Asia Pacific, which includes emerging markets such as Bangladesh, India, Philippines and Sri Lanka. Revenue was up 15 per cent from $2,375 million to $2,729 million.

According to IDC, smartphone growth is expected to slow. It predicts shipment volumes at the end of 2017 to increase 4.2 per cent to 1.5 billion and to reach 1.7 billion in 2021 – just a 3.1 per cent increase when compared to the predicted figure this year.

Installed base

“We can grow both in units and market share,” said Cook. “The installed base is still growing very strongly and will generate more upgrades over time. I feel good about our ability to convince people to switch.

“We haven’t even gotten started in the emerging markets there and we see strong growth there from a revenue point of view. We see a lot of opportunity in these markets.”

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