“,”elements”:[]},{“title”:”Apple ships $6 billion of iPhones from India in big China shift”,”type”:”Article”,”caption”:false,”elements”:[]}],”thumb_big”:”https://etimg.etb2bimg.com/thumb/msid-114833218,imgsize-140042,width-1200,height=765,overlay-etbrandequity/business-of-brands/apple-sets-iphone-ipad-revenue-records-in-india-to-open-four-more-retail-stores-ceo-tim-cook.jpg”,”thumb_small”:”https://etimg.etb2bimg.com/thumb/img-size-140042/114833218.cms?width=150&height=112″,”time”:”2024-11-01 09:00:13″,”is_live”:false,”prime_id”:0,”highlights”:[],”highlights_html”:””,”also_read_available”:false,”body”:”
FILE PHOTO: CEO of Apple Tim Cook gives a presentation as Apple holds an event at the Steve Jobs Theater on its campus in Cupertino, California, U.S. September 9, 2024. REUTERS/Manuel Orbegozo/File PhotoApple 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% 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% 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% 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% from a year back, beating analyst expectations. iPhone revenues were also up 6%, 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.
Apple ships $6 billion of iPhones from India in big China shift
Apple is expanding its manufacturing network in India at a rapid clip, taking advantage of local subsidies, a skilled workforce and advances in the country’s technological capabilities. India is a crucial part of the company’s effort to lessen its reliance on China. That puts annual exports on track to surpass the about $10 billion of fiscal 2024.
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Apart from iPhones, the company’s iPads also set revenue records in India, amidst an 8% increase on-year globally, chief financial officer Luca Maestri said.
- Updated On Nov 1, 2024 at 09:00 AM IST
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% 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% 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% 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% from a year back, beating analyst expectations. iPhone revenues were also up 6%, 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.
Apple ships $6 billion of iPhones from India in big China shift
Apple is expanding its manufacturing network in India at a rapid clip, taking advantage of local subsidies, a skilled workforce and advances in the country’s technological capabilities. India is a crucial part of the company’s effort to lessen its reliance on China. That puts annual exports on track to surpass the about $10 billion of fiscal 2024.
- Published On Nov 1, 2024 at 09:00 AM IST
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