Apple Sets India Revenue Record Despite Overall Global Decline
Despite a 4 per cent decline in overall revenue, attributed primarily to a 10 per cent drop in global iPhone sales, Apple’s India operations have surged
Tech giant Apple has reported a record-breaking revenue performance in India for the quarter ending March 2024, showing a strong foothold in one of the world’s fastest-growing markets.
Despite a 4 per cent decline in overall revenue, attributed primarily to a 10 per cent drop in global iPhone sales, Apple’s India operations have surged, a significant milestone in the company’s expansion strategy.
During an earnings call, Apple CEO Tim Cook expressed delight over the company’s double-digit growth in India, stressing it as an “incredibly exciting market” and a major focus area. The revenue in India soared to new heights, contributing substantially to Apple’s global performance, as the company achieved a remarkable USD 90.75 billion in total revenue for the quarter, surpassing analyst expectations.
Apple’s success in India comes amidst a challenging landscape, with iPhone sales witnessing a decline in key regions like Greater China, which includes Mainland China, Taiwan, Singapore and Hong Kong. Analysts attribute this decline to stiff competition, particularly from Huawei, indicating shifting dynamics in these markets.
The company’s Chief Financial Officer, Luca Maestri, highlighted Apple’s robust momentum in emerging markets, setting first-half revenue records not only in India but also in regions like Latin America, the Middle East, Indonesia, the Philippines and Turkey.
Apple’s strategy in India involves both operational and market-specific initiatives. The decision to produce iPhones locally indicates the company’s strategy on staying competitive in the Indian market. Additionally, Apple’s expansion efforts include the opening of new stores and collaboration with the developer ecosystem, signaling a comprehensive approach to enhance market presence and customer engagement.
Looking ahead, Apple is set to introduce generative AI-powered features in its upcoming products, aiming to differentiate itself in the market. Cook reiterated Apple’s bullish stance on the transformative power of AI, stressing the company’s unique combination of seamless hardware, software and services integration, alongside a steadfast commitment to privacy.
