NEW DELHI: Apple achieved an all-time revenue record in India in the September 2023 quarter, said Apple CEO Tim Cook.
Cook, speaking at the earnings call, also mentioned that the company currently has a low share in a large market (read India), and so there is a lot of headroom there. The US tech giant posted net sales of $89.5 billion in the September quarter, out of which $6.33 billion came from the Asia Pacific (excluding Japan) market.
“iPhone revenue came in ahead of our expectations, setting a September quarter record, as well as quarterly records in many markets, including China mainland, Latin America, the Middle-East, South Asia and an all-time record in India. In services, we set an all-time revenue record with double-digit growth and ahead of our expectations,” said Cook.iPhone global revenue in September was $43.8 billion, up 3% year-on-year, and a new September quarter record.
In April 2023, the US-tech giant Apple opened two stores in India at Mumbai and Delhi. Apple, which holds only 5% market share, is growing significantly in India. According to Counterpoint Research, Apple shipped the highest ever 2.5 million units in India for the period of July to September 2023. The company witnessed 34% year-on-year growth.
“We had an all-time revenue record in India. We grew strong double-digits. It’s an incredibly exciting market for us and a major focus of ours. We have low share in a large market, and so it would seem there’s a lot of headroom there. The ASPs (average selling price), I haven’t looked at them most recently, but I’m sure they’re lower than the worldwide. But that doesn’t bother us at all. It just and in terms of the similarity, I would say, each country has its own journey,” said Cook.
A lot of headroom in Indian market: Apple CEO
Tim Cook, speaking at the earnings call, also mentioned that the company currently has a low share in a large market (read India), and so there is a lot of headroom there. The US tech giant posted net sales of $89.5 billion in the September quarter, out of which $6.33 billion came from Asia Pacific (excluding Japan) market