Apple makes record revenue in India during July-September 2023

iPhone revenue surpassed the company's expectations, setting an "all-time record" in India while also achieving quarterly records in various other markets

November 3, 2023

iPhone sales contributed a substantial US$ 43.8 billion to the company's earnings

This quarter also marked the best period for Apple's shipments in the country, surpassing 2.5 million units

Apple also recorded its highest-ever quarterly shipments during this period, resulting in a 34% year-on-year growth and a high-growth phase in India

Apple boasts an installed base of over 2 billion active devices, which continues to grow steadily

Apple’s CEO, Tim Cook, recently announced that the tech giant achieved a new milestone by setting a quarterly revenue record in India during the July-September period of this year, marked by robust double-digit year-on-year growth. 

Despite reporting total revenue of US$ 89.5 billion for the quarter ending in September, representing a slight drop of less than 1% compared to the previous year, iPhone sales contributed a substantial US$ 43.8 billion to the company’s earnings.

Cook highlighted that iPhone revenue surpassed the company’s expectations, setting an “all-time record” in India while achieving quarterly records in various other markets.

Cook expressed his enthusiasm for the Indian market, stating that Apple has a low share in a large market. And so there is a lot of headroom during the post-earnings investor call held last week.

Strong iPhone sales primarily drove the remarkable quarterly revenue achievement in India during the July to September period. Counterpoint Research reported that Apple recorded its highest-ever quarterly shipments during this period, resulting in a 34% year-on-year growth and a high-growth phase in India. This quarter also marked the best period for Apple’s shipments in the country, surpassing 2.5 million units.

Cook noted that while the average selling prices (ASPs) in India are lower compared to other regions, this aspect does not concern Apple. Company representatives mentioned that offering more affordable solutions to customers through instalment plans, trade-in options, and low-cost financing has been instrumental in maintaining the company’s margins.

While Apple reported declines in revenue across all product categories except for the iPhone, which experienced a 3% year-on-year growth, the services segment showed remarkable growth with a 16% year-on-year increase in revenues. This growth was driven by over a billion paid customers for Apple’s services, including cloud storage, music streaming, movies and shows, and fitness coaching.

The representatives emphasised that Apple boasts an installed base of over 2 billion active devices, which continues to grow steadily, providing a solid foundation for expanding the company’s ecosystem.

Source: Economic Times

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