Apple set yet another revenue record in India in the quarter ended September 2024 as iPhone sales bounced back in every region driving a record 6 per cent surge in revenues, chief executive Tim Cook said.
“iPhone grew in every geographic segment, marking a new September quarter revenue record for the category…And we continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record,” Cook said during the company’s earnings call Friday.
Apple’s fast pace of growth in India is spawning more flagship Apple stores in the region. Cook confirmed the company is opening four more stores in India in the coming quarters.
“We also opened two new stores during the quarter and we can’t wait to bring four new stores to customers in India,” Cook said.
Apart from iPhones, the company’s iPads also set revenue records in India, amidst an 8 per cent increase on-year globally, chief financial officer Luca Maestri said.
“In addition to growth in developed markets, we also saw strong performance in many emerging markets, with double-digit growth in Mexico, Brazil, the Middle East, India and South Asia. The iPad installed base reached another all-time high, and over half of the customers who purchased iPads during the quarter were new to the product,” Maestri said.
Apple cornered the second highest market share in India in terms of value at 22 per cent in the July-September quarter, according to Counterpoint Research, closely trailing Samsung.
“The brand has aggressively expanded into smaller cities, driving significant value growth with an increased focus on newer iPhones,” senior research analyst Prachir Singh said.
The research firm said the company’s sales were aided by strong shipments of iPhone 15 and iPhone 16 models ahead of the festive season.
“As consumers increasingly invest in premium smartphones, Apple has cemented its status as the top choice for premium buyers in India, supported by its aspirational image, and expanding footprint,” Singh added.
The company posted $94.9 billion in revenue in the September quarter, up 6 per cent from a year back, beating analyst expectations. iPhone revenues were also up 6 per cent , growing in every geographic region.
Apple guided single digit revenue growth going forward as its staggered release of Apple Intelligence features based on generative AI gets released across its latest products.
