Cupertino (California), November 4: Apple (NASDAQ:AAPL) has achieved an unprecedented feat in revenue generation in India during the third quarter, according to CEO Tim Cook. Highlighting significant growth potential in a market with a growing middle-class population, Cook expressed optimism during the company’s recent quarterly earnings call, where Apple disclosed a substantial $89.5 billion in revenue. Particularly notable was the impressive double-digit growth in India during the July-September quarter, which coincided with the release of the new iPhone 15 series on September 22.
Cook highlighted the achievement in India, citing not only all-time high revenues but also September quarter records in several other countries such as Brazil, Canada, France, Indonesia, Mexico, Philippines, Saudi Arabia, Turkey, UAE and Vietnam. . ,
The CEO pointed to record-breaking performance in services, with substantial growth in revenues exceeding expectations. When addressing inquiries about Apple’s momentum in India, Cook highlighted the country as an extremely exciting and important market for the company, while also noting their current low market share in the vast market, which is ripe for substantial growth. Indicates ability. Expressing satisfaction at the initial success of the two retail stores established in India, he highlighted the significant influx of individuals into the middle class.
Apple’s revenue in India grew by nearly Rs 50,000 crore in FY23, driven by a 48 percent increase in sales to Rs 49,321 crore and a significant 76 percent increase in net profit to Rs 2,229 crore.
The company recorded its highest ever quarterly shipments in India, crossing 2.5 million units in the third quarter (July-September) of the current year.
Luca Maestri, Apple’s senior vice president and chief financial officer, reiterated these accomplishments, particularly highlighting the record September quarter for iPhone sales in emerging markets. Emphasizing its record-high installed-base of active devices across all geographies and products, Maestri attributed this success to exceptional customer satisfaction and the continued influx of new customers into their ecosystem.
Additionally, Maestri outlined Apple’s expansion strategies, which include the establishment of new Apple retail stores in India as well as launching online stores in Vietnam and Chile.