tech2 News StaffOct 28, 2019 13:58:44 IST
Apple’s sale of iPhones has taken a hit as the company’s revenue and net profit plunged for the first time in FY19. Analysts claim that the weakening of the rupee and higher import duties due to small assembling operations in the country led to the fall.
Coming from an Economic Times report, Apple’s revenue from operation went down by 19 percent to Rs 10,538.3 crore. These numbers came from the recent regulatory filings to the Registrar of Companies (RoC) that also showed a massive decline in profit of more than 70 percent to Rs 262.3 crore.
The report said that the company’s iPhone sales in India were “one of the worst” as shipments went down for the first time. However, with the recent price cuts and lower pricing of the newer models, analysts are expecting the revenue and profit to go up in the current fiscal. Another factor that will help Apple save on import duties is expanding its assembly unit for devices like the iPhone XR.
With the launch of the iPhone 11 and the inclusion of more premium phones into its local assembly will enable the company to turn around the numbers in FY20, according to Counterpoint Research associate director Tarun Pathak.
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