Record-Breaking Quarter In India Boosts Apple's Global Earnings

Apple has achieved a remarkable milestone in India, contributing significantly to its global quarterly revenue of $119.6 billion (₹9.91 lakh crore), a 2% increase from the previous year. CEO Tim Cook highlighted the company’s success in India, with strong double-digit growth and a record-breaking quarter in revenue.

What Happened? The company’s impressive performance in India is part of a larger success story across various geographical segments, leading to an active device base exceeding 2.2 billion. This growth is largely attributed to the popularity of iPhones and an all-time revenue high in Apple’s Services segment.

In India specifically, Apple’s growth is noteworthy. The December quarter saw Apple setting a new revenue record, a trend consistent throughout the year. This growth in India is a key factor in Apple’s overall success in emerging markets.

See also: Samsung Regains Top Spot In India’s Smartphone Market, Overtakes Xiaomi After 6 Years

Luca Maestri, Apple's CFO, underlined the global enterprise adoption of Apple products, citing Indian tech major Zoho as an example. Zoho offers its 15,000+ global employees a choice of Apple devices, with a vast majority opting for iPhones and Macs.

Despite a flat trend in India’s overall smartphone shipments in 2023, Apple outperformed by surpassing 10 million units in shipments. This success is partly due to Apple’s strategic focus on offline shipments through its retail stores and large-format retail promotions. Additionally, attractive trade-in values have made transitioning to iOS a more appealing option for Indian consumers.

Read next: Adani Stock At All-Time After Q3 — Brokerages Forecast Further Upside

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
Posted In: EarningsNewsTechAppleiPhone

Loading...