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Apple hits all-time revenue high in India: Here's what CEO Tim Cook said

Tim Cook stated that Apple has opened two new retail stores in India that are exceeding expectations, indicating a promising start in the Indian market.

Edited By: Vishal Upadhyay New Delhi Updated on: November 03, 2023 17:30 IST
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Image Source : FILE Apple achieves landmark revenue figures in India, reveals CEO Tim Cook

Apple India Revenue: Apple's CEO, Tim Cook, announced during the company's quarterly earnings call that they had achieved an all-time revenue record in India for the September quarter (Q3). Apple reported quarterly revenue of $89.5 billion and noted strong growth in India during the July-September period. Cook revealed that not only had India seen record-breaking revenue, but several other countries, including Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE, and Vietnam, had also posted record revenues for the same quarter.

Reportedly, in the services segment, Apple set an all-time revenue record with double-digit growth, surpassing expectations.

India: A Major Focus for Apple

According to IANS, when asked about Apple's momentum in India, Cook emphasised that India is an incredibly exciting and major market focus for the company. He acknowledged that Apple has a relatively low market share in India, which presents significant growth potential. He also highlighted the expanding middle class in India as a positive factor.

Strong Fiscal Year 2023 in India

Apple's revenue in India for fiscal year 2023 nearly reached Rs 50,000 crore, with a 48% increase in sales to Rs 49,321 crore. The company's net profit also rose by 76% to Rs 2,229 crore. In the third quarter of 2023, Apple achieved its highest-ever quarterly shipments in India, exceeding 2.5 million units.

Global Success 

Luca Maestri, Senior Vice President and Chief Financial Officer of Apple highlighted that the company reached a September quarter record in iPhone sales, driven by strength in emerging markets. The company's total installed base of active devices also reached an all-time high globally.

In addition to India, Apple is expanding its direct presence by opening new Apple Retail Stores. They are also enhancing their online retail presence in countries like Vietnam and Chile.

Inputs from IANS 

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