Apple reported record growth in India during the March quarter, achieving double-digit growth and adding to global revenue of approximately $95 billion (₹7,77,664.4 crore).
What Happened? Tim Cook, talking to analysts stated, “We reported $94.8 billion in revenue for the March quarter, exceeding our expectations. We set all-time records for services and March quarter records for iPhone. We saw outstanding performance in emerging markets, achieving all-time records in Mexico, Indonesia, the Philippines, Saudi Arabia, Turkey, and the UAE, along with several March quarter records, including Brazil, Malaysia, and India.”
Last month, Cook visited India to launch Apple retail stores in Mumbai and Delhi, expressing excitement about the Indian market.
During the earnings call, Cook said, “We recently opened our first two Apple stores in India, in Mumbai and Delhi. I was there to witness it personally, and I was thrilled by the enthusiasm of the customers, developers, creators, and team members I met.”
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He continued, “We set a quarterly record in India, with strong double-digit year-over-year growth, making it an exceptional quarter for us. Stepping back, India is an incredibly exciting market and a major focus for us. The market’s dynamism and vibrancy are truly remarkable.”
Cook visited the country in April 2023, after nearly seven years during which the Apple chief met with Prime Minister Narendra Modi, IT Minister Ashwini Vaishnaw, and Junior IT Minister Rajeev Chandrasekhar, reaffirming Apple’s commitment to investing in the world’s second-largest smartphone market.
Industry sources estimate that Apple exported iPhones worth $5 billion (₹40,929.7 crore) to $5.5 billion (₹45,022.67 crore) from India in the 2023 financial year, accounting for nearly half of the country’s mobile phone exports.
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