Apple sets another quarterly revenue record in India: Tim Cook
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Apple has once again set quarterly revenue record (April-June period) in India, riding on robust local manufacturing amid the government's push and growing export figures.
Apple CEO Tim Cook said during the company’s Q3 earnings call that they have set quarterly revenue records in more than two dozen countries and regions, including India, Canada, Mexico, France, Germany, the UK, Indonesia, the Philippines and Thailand.
“And we set an all-time revenue record in services, which grew 14 per cent,” Cook told analysts.
iPhone maker Apple achieved record exports numbers in the April-June quarter in India, reaching around $3.8 billion.
Riding on the government’s production-linked incentive (PLI) scheme, Apple reached a new all-time high in the Q1 FY25, according to industry data.
Apple reported a new June quarter revenue record of $85.8 billion, up 5 per cent from a year ago.
Luca Maestri, Senior Vice President and Chief Financial Officer, Apple, said that 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,” he informed.
Prabhu Ram, VP-Industry Research Group, CyberMedia Research (CMR) told IANS that the iPhone 15 series continued to keep pace.
“We believe Apple has sufficient headroom for growth in India over the upcoming quarters, with the new iPhone series and the festive season sales,” Ram said.
In the last fiscal (FY24), the Cupertino-based tech giant saw its sales hitting new highs amid increased manufacturing and a growing premiumisation trend.
The tech giant saw robust around $8 billion sales in India in the last fiscal — a nearly 33 per cent surge (on-year).
According to industry estimates, iPhone shipments are projected to increase by over 20 per cent this year on the back of domestic manufacturing support and strong distribution.
India’s electronics sector experienced rapid growth, reaching $155 billion in FY23.
