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Apple Had a ‘Very Strong Double-Digit Growth’ in Brazil, Says CEO Tim Cook

The big tech said it had record revenue in the June quarter in developed and emerging markets, with growth in Brazil, Indonesia, and Vietnam

While emerging markets represented record revenue, in the quarter, Cook said macroeconomic headwinds - in particular strong dollar-driven foreign exchange - impacted the business.
July 29, 2022 | 11:44 am

São Paulo — CEO Tim Cook said during a conference call with investors that Apple (AAPL) had “very strong double-digit growth” in Brazil, Indonesia, and Vietnam and nearly doubled revenue in India. The comment came after the release Thursday night of earnings for the quarter ended June. Apple’s revenue was $83 billion, breaking records in the quarter in the Americas, Europe, and the Asia-Pacific region.

While emerging markets represented record revenue, in the quarter, Cook said macroeconomic headwinds - in particular strong dollar-driven foreign exchange - impacted the business. “When you look at product categories, on the iPhone, there was no obvious evidence of macroeconomic impact during the June quarter other than the foreign exchange, of course,” Cook said.

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“I’m not saying there isn’t a macroeconomic impact. I’m saying the data doesn’t show where we can clearly see that in the Wearables, Home, and Accessories area,” he added.

Apple also said it plans to expand its “Trade In” programs, in which users can trade in their Apple products for a new one paying less. In Brazil, the trade-in program is not yet available in the Apple Store.

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For Cook, the program is important because the residual value of Apple products is a big differential for the user’s pocket. “After using our devices, they can bring them back and they retain much more value than other platforms,” Cook said.

Buy Now, Pay Later is also expected to reach new markets, according to the CEO. The Cupertino-based big tech executive also said that Apple is being sensible with market conditions, and, that while it has slowed hiring, it continues to open tech jobs.

Asked by investors, Cook also said that Apple sees privacy “as a fundamental human right”.

“We’re trying to empower the user to own their data and make their own choices. In terms of ad sales, we have a search ad business in the App Store that we believe represents a great way of discovery for small and large developers,” he said.

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