Apple’s net profit, revenue decline in 2018-19, but year ahead looks promising

New Delhi: India smartphone market continues to be hard nut to crack for Apple. Despite several price cuts and discounts on older iPhones, Apple’s revenue and net profit has fallen to ₹10,538 crores and 262 crores in 2018-19, for the first time in several years, according to the regulatory filings by Apple to the Registrar of Companies, as reported by ET.

Apple’s revenue from operations and net profit in 2017-18 was ₹13,049 crore and ₹896 crore, respectively, while in the year before (2016-17), it was ₹11,618 crore and ₹373 crore, respectively. Apple is yet to issue an official statement to the press on the matter.

“The slump in Apple’s India revenues in FY 2019 is not surprising, and can be attributed to the tough market conditions it faced last year, including weakened rupee and higher import duties, as well as the muted consumer sentiments owing to high iPhone prices,” points out Prabhu Ram, Head, Industry Intelligence Group at CMR.