Apple: Apple's revenue in the Korean market in fiscal 2023 will be 7.52 trillion won, a year-on-year increase of 2.6%

According to foreign media reports, just as Hyundai and Kia under the Hyundai Motor Group have a considerable share in the Korean automobile market, Samsung Electronics also has a considerable share in the Korean consumer electronics market. But even so, Apple, which firmly holds a dominant position in the global high-end consumer electronics market, has successfully entered the Korean market. They have opened 6 retail stores in Korea, and the 7th will open this Saturday.

Apple, which has opened 7 retail stores in South Korea, has also achieved good results. Foreign media reports show that in Apple's fiscal year 2023, which is the fiscal year from October 2022 to the end of September last year, their operating profits in the Korean market increased significantly year-on-year.

According to foreign media reports, Apple disclosed that its revenue in the Korean market in fiscal year 2023 was 7.52 trillion won, equivalent to about 5.264 billion U.S. dollars, a year-on-year increase of 2.6%. Although Apple's revenue in the Korean market in fiscal year 2023 only increased by 2.6% year-on-year, its operating profit increased by 550% year-on-year to 559.9 billion won, or about 392 million U.S. dollars.

Foreign media also mentioned in the report that Apple's revenue in the Korean market in fiscal year 2021 was US$5.97 billion and its operating profit was US$104.4 million. Compared with fiscal years 2022 and 2021, Apple's revenue did not increase significantly, and even decreased compared with fiscal year 2021, but its operating profit increased significantly.

In the report, foreign media did not disclose why Apple's operating profit in the Korean market increased sharply in fiscal 2023, but they speculated that it may be related to the substantial growth of the service business, which greatly increased profits.

Thanks to its huge user base, Apple has the advantage of developing its service business, which has become its main source of revenue. In recent fiscal quarters, it has been Apple's second largest source of revenue, second only to the iPhone, and higher than the revenue of its two major hardware product lines, Mac and iPad.

From TechWeb