Apple India posts record quarterly revenue in December, driven by strong iPhone sales: Tim Cook

Apple India revenue growth: Apple Inc.'s Indian operations reported a substantial surge in revenue during the December 2023 quarter, setting a new record primarily due to robust sales of its flagship product, the iPhone, Apple CEO Tim Cook said in a recent earnings call.

Tim Cook stated, ''India grew in revenue terms, grew strong double-digits in the December quarter and hit a revenue record.''

Apple's overall quarterly revenue reached $119.6 billion, reflecting a 2 per cent year-over-year increase. The company's active device base surpassed 2.2 billion, achieving an all-time high across products and geographic segments.

Specifically, revenue from iPhone sales experienced a 6 per cent growth, reaching $69.7 billion compared to $65.77 billion in the corresponding quarter last year. Apple's success extended beyond India, with all-time high revenues reported in 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, marking the first time it surpassed the 10-million-unit mark in shipments and claimed the top position in revenue for a calendar year, while Samsung maintained the lead in volume sales.

However, iPad sales witnessed a decline of approximately 25 per cent, totaling around $7 billion in the December 2023 quarter. The Wearable, Home, and Accessories segment experienced a drop of nearly 11 per cent to $11.95 billion, down from $13.48 billion in the year-ago period. Mac PC sales remained relatively flat at $7.7 billion year-over-year.

On the services front, Apple saw an 11.3 per cent increase in revenue, amounting to $23.11 billion in the December 2023 quarter, compared to $20.76 billion a year ago.

For the fiscal year ending September 30, 2023, Apple reported a 2.8 per cent decline in net income to $96.99 billion, down from $99.8 billion in the previous year. The annual revenue for the tech giant also dropped by 2.8 per cent to $383.28 billion, compared to $394.32 billion in fiscal year 2022.

Annual sales figures for specific products include a 2.3 per cent decline in iPhone sales to $200.5 billion, a 27 per cent decrease in Mac PC sales to $29.35 billion, a 3.3 per cent dip in iPad sales to $28.3 billion, and a 3.3 per cent decrease in Wearables, Home, and Accessories sales to $39.84 billion.

(With Reuters inputs.)