Apple achieves record revenue in India, Mac sales rise: CEO Tim Cook

Apple touched a record revenue target in India along with a dozen other countries during the quarter ending June 2024, said CEO Tim Cook during the company's earnings call on Friday.

“Today, Apple is reporting a new June quarter revenue record of $85.8 billion, up 5 per cent from a year ago and better than we had expected. EPS grew double digits to $1.40 and achieved a record for the June quarter. We also set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand,” said Cook.

 

Apple CFO Luca Maestri further highlighted the strong performance for Mac products in emerging markets, including India, during the call.

“Mac generated $7 billion in revenue, up 2 per cent year-over-year, driven by the MacBook Air powered by the M3 chip. We saw particularly strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia,” said Maestri.

Apple's quarterly sales were still dominated by its flagship iPhones at $39.3 billion, which was down by 0.94 per cent compared to the same period last year.

Further, sales of Apple iPads and Mac PCs saw a turnaround and went upwards this quarter. On a yearly basis, Mac sales increased by 2.4 per cent to $7.01 billion, whereas iPad sales surged by 23.67 per cent to $7.16 billion.

The company's board of directors declared a cash dividend of $0.25 per share of the company’s common stock to shareholders.

“During the quarter, our record business performance generated EPS growth of 11 per cent and nearly $29 billion in operating cash flow, allowing us to return over $32 billion to shareholders,” said Maestri.

“We are also very pleased that our installed base of active devices reached a new all-time high in all geographic segments, thanks to very high levels of customer satisfaction and loyalty,” he added.