iPhone maker Apple has set an all-time revenue record in India and observed a double-digit growth in iPad sales in the country in the September 2024 quarter, senior officials of the company said on Friday. The company reported an over 6 per cent growth in total net sales to $94.93 billion during the reported period from $89.49 billion a year ago.
Apple grew at a strong double-digit rate in India, hitting a new March quarter revenue record in an "incredibly exciting market", even though the tech titan's overall quarterly revenue declined 4 per cent. Apple's India showing earned praises from CEO Tim Cook who described the market here as a "major focus" and said Apple is working on the entire ecosystem from developer to the market to operations. The top honcho said he is "very pleased" with the growth numbers.
Technology giant Apple, which recorded $83 billion in revenue for the quarter ended June 2022, has reported a "near doubling" of revenue in India. Announcing financial results for its fiscal 2022 quarter ended June 25, Apple on Thursday said it has achieved a revenue record of $83 billion, up 2 per cent year-over-year. Apple CEO Tim Cook, during an earnings call, said the 83 billion dollar revenue was "better than we expected despite supply constraints, strong foreign exchange headwinds and the impact of our business in Russia."
Technology major Apple earned nearly one-third of its revenue from emerging markets and doubled its business in India and Vietnam in fiscal 2021, according to its CEO Tim Cook said. Apple posted a 29 per cent year-on-year growth in revenue at $83.4 billion in the fourth quarter ended September 25, 2021. Its net income stood at $20.55 billion in the said quarter as against $12.67 billion in the year-ago period.
Apple said on Tuesday it sold 47.5 million iPhones in the third quarter, up 35 per cent from a year ago.
With 4G coverage spreading, Indian consumers will likely be more open to investing in smartphones
The US-based company, in collaboration with partners like Wistron and Foxconn, had recently started assembling iPhone 11 in India.
Profit of $18 billion was the biggest ever reported by a public company, worldwide.
From new and competitively-priced iPhones to slashing prices of its older models, it had a multi-pronged strategy.
Apple reduced channel inventory by $3.6 billion.
Apple said it sold 51.2 million iPhones in its second fiscal quarter, down from 61.2 million in the same quarter a year ago but above analysts' estimates of about 50 million devices.
Apple follows the October to September calendar for its financial results.
Till recently, iPhone production in India was limited to older models at a lower price tag. So far, Apple has localised production of five smartphone models - iPhone SE (1st Gen), 6S, 7, XR and 11.
He noted that the infrastructure in India has come 'quite a ways' since Apple began to put a lot of energy in the Indian market 'because of their leadership and so forth.'
Despite the slowdown, Apple remains the most profitable company in the S&P 500 and the most valuable publicly traded US tech company
The launch of premium devices from OnePlus and Samsung in the second half of Apple's reporting period added to Apple's woes.
Analysts tracking Apple said the India results were glimpses of what the company could achieve in emerging markets with a right pricing strategy for its products and local manufacturing.
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