Apple’s Profits Soar 550% in South Korea Market

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National Assembly of the Republic of South Korea

Apple’s profit from South Korea in its fiscal year ending September 2023 was over five times higher than the previous year, despite similar net sales. In the October 2021 to September 2022 period, the company generated $5.9 billion in sales with a profit of $91.3 million. In the fiscal year of October 2020 to September 2021, Apple South Korea recorded $5.97 billion in sales with a profit of $104.4 million. It’s unclear why profit in South Korea has increased so significantly with the same amount of sales. Presumably, the South Korean market has experienced radical growth in Services, expanding the profit figure for the year. Apple’s previous year of earnings saw four consecutive quarters of revenue decline, with the post-pandemic market experiencing a decline in most hardware. Wearables will be a tough comparison, as 2022 supply chain conditions pushed demand into Q1 2023. Apple Watch Series 9 and Apple Watch Ultra 2 launched without supply issues, allowing demand to concentrate on Q4 2023, likely lowering the available demand for Q1 2024.

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