Apple reports record revenue in India, net income of $21.44 billion rose by 7.4% YoY

7.4% YoY rise in income: According to Tim Cook’s (CEO, Apple) announcement on Friday, Apple has achieved record revenue growth in India and over two dozen other countries during the April-June quarter of 2024.

For the quarter ending June 30, 2024, Apple reported a net income of $21.44 billion, marking a 7.8 per cent increase from $19.8 billion in the same period last year. Total net sales for the quarter rose by 4.8 per cent to $85.77 billion, up from $81.79 billion a year earlier.

“Apple set a new June quarter revenue record of $85.8 billion, a 5 per cent increase from the previous year and surpassing our expectations,” Cook stated during the company's earnings call. Cook has highlighted that Apple also achieved revenue records in over two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand.

Revenue from the 'Rest of Asia Pacific' region, which includes India, Indonesia, the Philippines, and Thailand, grew by $760 million as compared to the same quarter last year.

While Apple's iPhone sales saw a slight decline, dropping by approximately 1 per cent to $39.29 billion from $39.66 billion in the previous year, the company has experienced growth in other segments. Mac sales rose by 2.4 per cent to over $7 billion, driven by the success of the MacBook Air with the M3 chip. iPad sales also surged by 24 per cent to $7.16 billion from $5.8 billion year-over-year.

Luca Maestri, (Apple's Chief Financial Officer) has noted that the Mac segment saw strong performance in emerging markets, with record sales in Latin America, India, and South Asia. The Mac installed base reached an all-time high, with half of MacBook Air purchasers being first-time Mac users.

However, sales of Apple’s Wearables, Home, and Accessories declined by about 2 per cent to $8 billion, down from $8.28 billion the previous year.

(with PTI inputs)