NEW DELHI: Apple has reported an all-time revenue record in India for the fourth quarter ending September 2024, Chief Executive Officer Tim Cook announced on Friday. During the company’s Q4 earnings call, Cook expressed his excitement about the growing enthusiasm for Apple in the Indian market.
“And we continue to be excited by the enthusiasm we're seeing in India, where we set an all-time revenue record. This has been an extraordinary year of innovation at Apple. We brought the revolutionary Apple Vision Pro to customers in February, which brings users tomorrow's technology today,” said Tim Cook.
Apple’s fourth-quarter results revealed a revenue of 94.9 billion dollars, marking a September quarter record and reflecting a 6 per cent increase compared to the previous year. iPhone sales contributed significantly, achieving a September quarter revenue record of 46.2 billion dollars, a 6 per cent rise year-on-year, with growth noted in every geographic segment.
Additionally, the services sector reached an all-time revenue record, up 12 per cent year-on-year. Mac revenue stood at 7.7 billion dollars, increasing 2 per cent from the previous year. However, revenue from Wearables, Home, and Accessories fell by 3 per cent to 9 billion dollars.
Highlighting the company's expansion in India, Cook announced plans to open four new stores across the country. This follows the successful launch of Apple’s first two retail outlets in Mumbai and Delhi in 2023. The new stores will be established in cities such as Bengaluru, Pune, and the Delhi-NCR region.
“And in stores all over the world, customers are eager to get a closer look at our latest innovations. We also opened two new stores during the quarter, and we can't wait to bring four new stores to customers in India,” said Cook.
Apple continues to strengthen its position in the Indian market. Although the company currently holds just under 7 per cent of the country’s smartphone market share, it ranks second in terms of value, with a 22 per cent market share, according to Counterpoint Research. A South Korean tech giant maintains a slight lead with a 23 per cent share. Furthermore, Apple’s iPhone exports from India surged by 33 per cent between April and September 2024 compared to the same period last year.
In this period, Apple exported iPhones worth $6 billion, largely from its Foxconn unit in Tamil Nadu. Significantly, this year marked the first time Apple manufactured its entire iPhone 16 lineup, including premium devices, in India—making it the first occasion that premium products were produced outside of China.
