Tim Cook, chief executive officer at Apple, said the company posted December quarter records in India, Indonesia, Saudi Arabia and Chile last quarter.
“Emerging markets have been a very key area of strength for us…India grew in revenue terms, strong double digits in the December quarter and hit a quarter revenue record,” he said.
Apple on Friday reported 2% year-on-year growth in revenue at $119.6 billion in the October-December quarter with iPhone revenue growing by 6% year over year at $69.7 billion. The company said it has hit revenue records in more than two dozen countries and regions such as Latin America, Western Europe, the Middle East and Korea.
As per industry researcher Counterpoint Research, Apple smartphone shipments crossed the 10-million mark in India in 2023 whereby the brand was at the top position by revenue for the first time ever in a calendar year. In contrast, the Indian smartphone market remained flat last year. The premium smartphone segment with handsets priced above Rs 30,000 grew by 64% year-on-year largely driven by Apple. Apple’s iPhone had around 6.5% share of the overall market.
The company is also seeing increased adoption of its products by enterprises in India. Apple’s chief financial officer Luca Maestri said in the earnings call that Indian technology company Zoho has offered its 15,000-plus global employees a choice of devices with 80% of their workforce using iPhone for work and nearly two-thirds of them choosing Mac as their primary computer.Apple management has been consistently calling out high revenue growth and revenue records in India for several quarters now with the company doubling down its marketing, sales and manufacturing in the country.
Apple’s India revenue grew by 48% to Rs 49,321 crore in 2022-23, as per latest regulatory filings with the Registrar of Companies. The filings also show the company’s net profit surged 76% to Rs 2,229 crore.
(You can now subscribe to our Economic Times WhatsApp channel)
