Apple India sets record revenue driven by iPhone sales, plans 4 new stores

Apple has achieved record revenue in India for the September quarter, driven by high demand for its latest iPhone models and strong iPad sales, Chief Executive Officer (CEO) Tim Cook announced during the company’s Q4 earnings call on Friday.

The Cupertino tech major’s performance was bolstered by double-digit revenue growth for its iPad in India, as well as in regions like Mexico, Brazil, the Middle East, and South Asia.

  “We continue to be excited by the enthusiasm we are seeing in India, where we set an all-time revenue record,” said Cook.

With India on the growth radar, the company plans to expand its retail footprint across the country. “We can’t wait to bring four new stores to our customers in India,” Cook added.

  Currently, Apple operates two flagship stores in India — Apple Saket in New Delhi and Apple BKC in Mumbai. Four new outlets are expected to open in Bengaluru, Pune, Mumbai, and Delhi-NCR.

  Apple’s strong quarterly results in India arrive at a time when the broader Indian smartphone market reported tepid volume growth, up just 3 per cent Y-o-Y during the festival season. Analysts attributed this to limited spending in the below-Rs 25,000 mass market segment.

  However, the trend of consumers opting for premium devices led to 12 per cent Y-o-Y growth in value of the country’s smartphone market in the September quarter, according to a report by research firm Counterpoint.

  Apple played a major role in this value-driven growth, with a 22 per cent share, just shy of Samsung’s 23 per cent lead. According to analysts, Apple has “aggressively expanded” into smaller Indian cities, driving significant value growth with an increased focus on new iPhones. Turn to Page 6 >

 

“Strong shipments of the iPhone 15 and iPhone 16 ahead of the festival season have further enhanced Apple’s performance. As consumers increasingly invest in premium smartphones, Apple has cemented its status as the top choice for premium buyers in India, supported by its aspirational image and expanding footprint,” said Prachir Singh, senior research analyst, Counterpoint.

 

Apple posted an overall quarterly revenue of $94.9 billion, up 6 per cent Y-o-Y, with quarterly diluted earnings per share at $0.97. Cook said iPhone sales grew across all geographic segments, achieving a new September quarter revenue record for the category, while its ‘services’ category set an all-time revenue record, up 12 per cent Y-o-Y.

 

The company also set September quarter segment revenue records in the Americas, Europe, and Asia Pacific, as well as in key markets like the United States, Brazil, Mexico, France, the UK, Korea, Malaysia, Thailand, Saudi Arabia, and the UAE.

 

Apple's artificial intelligence-enhanced iPhone made a strong start, pushing quarterly sales ahead of Wall Street expectations, but a modest revenue forecast raised questions about whether that momentum will hold over the holiday sales season.

 

A decline in China sales during the fourth quarter also concerned some analysts and investors, helping send shares down 1.4 per cent in after-hours trade, despite surprisingly large overall profit and revenue in that period.

 

Revenue in greater China fell slightly to $15 billion from a year earlier, the company said in a statement Thursday. Analysts had estimated $15.8 billion.