Apple has reported another record growth in India during the March quarter with double-digit growth. The company reported revenue of $94.billion globally.
Tim Cook, Chief Executive Officer, Apple said, “Today, we’re reporting revenue of $94.8 billion for the March quarter, which was better than our expectations. We set an all-time record for Services and a March quarter record for iPhone. We were particularly pleased with the performance we saw in emerging markets and achieved all-time records in Mexico, Indonesia, the Philippines, Saudi Arabia, Turkey, and the UAE, as well as a number of March quarter records, including in Brazil, Malaysia and India.”
Cook was in India last month to launch Apple retail stores in Mumbai and Delhi. During his visit, he called out India as an exciting market.
Responding to a query during the earnings call, Cook reiterated “In a milestone for Apple, we just opened our first two Apple stores in India, in Mumbai and Delhi. I was there to see it for myself, and I couldn’t have been more delighted by the excitement and enthusiasm of the customers, developers, creators and team members I got to spend time with.”
“Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year. So it was quite a good quarter for us, taking a step back, India is an incredibly exciting market. It’s a major focus for us. I was just there, and the dynamism in the market, the vibrancy is unbelievable,” he added.
Tipping point
Apple’s positive commentary on India comes at a time when the tech giant commenced shifting its supply chain to India. Last year, Apple announced that it is all set to commence manufacturing iPhone 14 in India, just days after its unveiling. Cook said India is at a tipping point with a growing middle class population..
“Overall, I couldn’t be more delighted and excited by the enthusiasm I’m seeing for the brand there. There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there,” he said.
Apple’s growth in India comes at a time when the overall smartphone market has slowed down. The smartphone market in India saw a 16 per cent year-on-year (y-o-y) decline, with 31 million smartphones being shipped to the region. This is the lowest first-quarter shipment in four years, according to International Data Corporation’s (IDC) Worldwide Quarterly Mobile Phone Tracker preliminary data.
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Published on May 5, 2023
