Apple profits surge in Korea

Estimates from The Elec show that Apple's revenue from October 2022 to September 2023 will reach $5.625 billion, while operating profit will reach $417.8 million. The corresponding figures for the period from October 2021 to September 2022 are $5.9 billion and $91.3 million. In the fiscal year from October 2020 to September 2021, the company recorded revenue of $5.97 billion and profit of $104.4 million.

Services segment may be the reason for Apple's strong profit growth in Korea

It’s unclear why Apple’s profits in South Korea have increased so much, as the company has historically struggled to gain market share in South Korea, where it’s a territory dominated by rival Samsung. It’s likely due to the huge growth in Services , which makes sense given that South Korea is one of the countries that wants Apple and Google to allow alternative payment services on the App Store.

Despite earnings growth last year, it was not a bright spot for Apple, which has seen revenue decline for four consecutive quarters. Services continue to be a growth area for Apple, but the post-pandemic market has seen most of its hardware decline.

Samsung recently launched the Galaxy S24 series with a major focus on artificial intelligence by integrating the Galaxy AI engine. The Korean company hopes that this is a way for them to attract customers, especially in the context that Apple has not really perfected the AI ​​features in its iPhone line. However, the iPhone maker has also just beaten Samsung to become the world's number 1 smartphone company in 2023, after 13 consecutive years of Samsung's throne.

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