Apple has recently marked a significant milestone in India, achieving an all-time revenue record during the third quarter (Q3), as confirmed by the tech giant's CEO, Tim Cook. He emphasized that India holds vast potential for growth, especially as more individuals transition into the middle class in the country.
During Apple's quarterly earnings call, the company proudly reported a remarkable quarterly revenue of $89.5 billion. In a noteworthy development, Apple experienced robust double-digit growth in the Indian market from July to September, a period that coincided with the launch of the highly anticipated iPhone 15 series on September 22.
Cook expressed his enthusiasm, stating, "We achieved an all-time revenue record in India as well as September quarter records in several countries, including Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE, Vietnam, and more." He also highlighted Apple's exceptional performance in the services sector, setting a new all-time revenue record and surpassing their own expectations.
When asked about Apple's momentum in India by an analyst, Cook reaffirmed India's significance, describing it as "an incredibly exciting market and a major focus" for the company. He pointed out that Apple has a relatively low market share in a large, growing market, implying ample room for expansion. Cook underscored the ongoing positive developments in India, including the successful launch of two retail stores, which are exceeding initial expectations.
Notably, Apple's revenue in India for the fiscal year 2023 surged to nearly Rs 50,000 crore, representing a remarkable 48% increase, with sales reaching Rs 49,321 crore and net profit climbing by an impressive 76% to Rs 2,229 crore. Furthermore, Apple achieved its highest-ever quarterly shipments in India, surpassing 2.5 million units during the third quarter of this year.
Luca Maestri, Apple's Senior Vice President and Chief Financial Officer, highlighted the company's September quarter record on iPhone sales, driven in large part by the strength of emerging markets. He emphasized that Apple's customer base reached an all-time high across all products and geographic segments, citing high levels of customer satisfaction and an influx of new customers joining the Apple ecosystem. Additionally, Apple is actively expanding its presence, both through the establishment of new Apple Retail Stores in India and the launch of online stores in Vietnam and Chile, signifying the company's commitment to global expansion.
(With agency inputs)