Apple’s revenue in India reached a record high in the December 2023 quarter, driven by robust sales of iPhones, according to Apple CEO Tim Cook.
The company posted quarterly revenue of USD 119.6 billion, marking a 2 per cent year-over-year increase. Revenue from iPhones specifically grew by approximately 6 per cent, reaching USD 69.7 billion. Apple’s active device base surpassed 2.2 billion, setting an all-time high.
“India grew in revenue terms, grew strong double-digits in the December quarter, and hit a revenue record,” Apple CEO Tim Cook said during Apple’s earnings call.
In addition to India, Apple reported record revenues in other emerging markets, such as Malaysia, Mexico, the Philippines, Poland, Turkey, Indonesia, and Saudi Arabia. Counterpoint Research noted that Apple led the Indian market in terms of revenue in 2023, surpassing 10 million units in shipments.
While iPhone and service revenue demonstrated positive growth, other segments experienced variations. iPad sales declined by about 25 per cent to around USD 7 billion in the December 2023 quarter. The Wearable, Home, and Accessories segment saw an almost 11 per cent decline to USD 11.95 billion. Mac PC sales remained nearly flat at USD 7.7 billion.
On an annual basis for the fiscal year ended September 30, 2023, Apple’s net income decreased by 2.8 per cent to USD 96.99 billion. Annual revenue declined by 2.8 per cent to USD 383.28 billion, with iPhone sales decreasing by 2.3 per cent to USD 200.5 billion. Mac PC, iPad, and Wearables, Home, and Accessories segments also saw annual declines. However, service revenue increased by 9 per cent to USD 85.2 billion in FY’23.
(With PTI inputs)
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