Cupertino, California, Nov 3: Apple’s CEO, Tim Cook, revealed that the tech giant has achieved an all-time revenue record in India during the September quarter (Q3). Cook emphasized the significant growth potential in India, a country where “a lot of people are moving into the middle class.”
Apple shared this achievement during the company’s quarterly earnings call on Thursday, announcing a total revenue of $89.5 billion. The company reported robust double-digit growth in India during the July-September quarter, coinciding with the launch of the new iPhone 15 series on September 22. Cook elaborated on their accomplishments, saying, “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.” Regarding India’s market momentum, Cook stated that India is “an incredibly exciting market for them and a major focus” for Apple.
He noted that there is substantial room for growth in a large market where Apple has a relatively low market share. The CEO highlighted the growing middle class in India as a significant opportunity.
Cook also mentioned the successful launch of two Apple retail stores in India, which exceeded their expectations, indicating a promising start in the market. Apple’s revenue in India for the fiscal year 2023 reached nearly Rs 50,000 crore, with a 48 percent increase in sales to Rs 49,321 crore and a 76 percent rise in net profit to Rs 2,229 crore.
During the third quarter of this year, Apple recorded its highest-ever quarterly shipments in India, surpassing 2.5 million units. Luca Maestri, Senior Vice President and Chief Financial Officer at Apple, highlighted the company’s all-time high in active device installations across various products and geographic regions.
He attributed this success to customer satisfaction and new customers joining the Apple ecosystem. Maestri also mentioned the company’s expansion efforts, which include opening new Apple Retail Stores in India and launching online stores in Vietnam and Chile.
