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Apple's Q3 revenue soars with record growth from India and other regions
Sales of the iPhone, Apple's flagship product, were up 13.5 per cent to $44.6 billion in the June quarter.
'We set a June quarter record for iPhone. We saw iPhone growth in every geographic segment and double-digit growth in emerging markets, including India, the Middle East, South Asia, and Brazil,' he added.
Apple said there was no change in the shipment of iPhones to the US from India.
'There hasn't been a change to that. The vast majority of iPhones sold in the US, or the majority, I should say, have a country of origin in India,' Cook said.
India supplied 71 per cent of all iPhones sold in the US between April and June, up from 31 per cent a year earlier, according to data from Counterpoint Research.
Similarly, Mac, iPad, and the Apple Watch sold in the US are mostly from Vietnam.
Apple's decision to source the majority of phones sold in the US from India has drawn criticism from President Trump. In May, he told Apple it could face a 25 per cent tariff if it manufactures iPhones in 'India or any place else' for sale in the US.
Apple also said it will take a hit of $1.1 billion in its fourth quarter due to tariffs imposed by the US, up from $800 million in the third quarter.
'Assuming the current global tariff rates, policies and applications do not change for the balance of the quarter and no new tariffs are added, we estimate the impact to add about $1.1 billion to our costs. This estimate should not be used to make projections for future quarters as there are many factors that could change, including tariff rates,' according to Cook.
Apple is also investing into AI by embedding it across its services and platforms in the company. 'We are also significantly growing our investments. Apple has always been about taking the most advanced technologies and making them easy to use and accessible for everyone. And that's at the heart of our AI strategy.'
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