Apple CFO Over half of iPhones sold through promotional plans, so they sell well
Apple CFO stated that over half of iPhones are sold through promotional plans, indicating strong sales
【Phoneauto News】On August 4th, Phoneauto learned that Apple Inc. released its latest financial data for the third fiscal quarter of the 2023 fiscal year. After the financial report was released, Apple’s management held a conference call, with CEO Tim Cook and CFO Luca Maestri participating and answering analysts’ questions. Apple CFO Luca Maestri stated that currently, the majority of iPhone sales are achieved through various promotional plans, including trade-ins, installment payments, and other financial consumption methods, accounting for more than 50%.
Maestri also mentioned that this situation is similar in both developed and emerging markets. Apple hopes to further expand this proportion to help lower the purchasing threshold for consumers. This is also the reason why Apple’s product portfolio has maintained strong sales momentum in the past few product cycles. Apple will continue to work on this aspect.
In addition, Shannon Cross, an analyst from Credit Suisse, asked: Tim and Luca both mentioned the unusual macroeconomic environment. Can you talk about the growth trends of iPhone business in different regional markets under this background and the consumer demand in each region?
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Luca Maestri responded: The growth of iPhone business in many emerging markets has been very good, reaching new highs in many regions in the third fiscal quarter. The overall growth in emerging markets is in double digits and shows strong momentum. In the China market, the growth has changed from a negative 3% to a positive 8%. Calculated at constant exchange rates, many other emerging market countries have achieved double-digit growth. In the Indian market, we achieved a new high in the third fiscal quarter, and there have been excellent performances in Southeast Asian markets including Indonesia, Latin American markets, and Middle Eastern markets. Sales in the US market are still declining, mainly due to the overall contraction of the smartphone market in the past two quarters.
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