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Middle class driving iPhone sales in emerging markets: Tim Cook

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Tech News - Cook, under whom the California-based tech giant sold 61.2 million iPhones in January-March 2015, said emerging markets accounted for almost 40 percent of Apple's revenue for the second quarter.
  
Apple follows October-September period as fiscal year. On Monday, Apple had said that its net profit stood at USD 13.6 billion in the January-March quarter, while revenue was at USD 58 billion.
  
About 69 percent of the revenue came from international sales. Speaking at an investor call, Cook said "We also continue to see a reasonable percentage of first time buyers, particularly in some of the emerging markets.”

 "And if you look at emerging markets in general, revenue from emerging markets, just for the March quarter, was up 58 percent year on year. And a big piece of what is driving that is iPhone.
  
"Obviously, those results would have been higher without some of the FX (currency) headwinds..."
  
Apple chief further said: "And as I mentioned before, in emerging markets, we did extremely well. And so, I feel really good about where we are, and you can hopefully tell with the strong guidance that we provided, that we're very bullish on the current quarter as well."
  
Apple said 'swappers' -- who changed their last smartphone with an iPhone -- also contributed to the growth in iPhone sales.
  
To a separate query on iPhone purchases by the middle class in emerging markets, he said: "...And so as I look at that, without having market research data on the demographics that you are asking, it is clear to me that it has to come from the middle class.
  
"Because the upper income earners, there's only so many of those. And you cannot grow those kind of numbers without getting significantly into the middle class.

Source:  Gadgets Reviews India and Auto News  
 
 
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