CEO of Apple Inc Tim Cook announced that Apple has set an all-time revenue record in the country during the September quarter. The company reported a revenue of $94.9 billion during the July-September period, marking a September quarter record and a 6% increase from the previous year. This achievement is a testament to Apple’s growing presence and success in emerging markets.
Apple’s flagship product, the iPhone, has played a great role in this success. The iPhone has grown in every geographic segment, setting a new September quarter revenue record. Additionally, the company’s services have also set an all-time revenue record, up 12% year over year. Cook expressed his excitement over the enthusiasm they’re seeing in India, where they set an all-time revenue record. He stated, This has been an extraordinary year of innovation at Apple.
The company also witnessed strong performance in many emerging markets with double-digit growth in Mexico, Brazil, the Middle East, India, and South Asia. Apple currently has two retail stores in India — in New Delhi (Saket) and Mumbai (BKC). However, the company is set to open four more own-branded retail stores in the country, further expanding its footprint. Despite the success, Apple faces challenges.
The App Store, a significant part of Apple’s services business, is under fire in various parts of the world, including the EU, where new regulations have forced policy changes. Apple now allows third-party app stores and payment methods in the region, which could potentially impact revenue.
However, Apple’s commitment to driving India’s mobile manufacturing growth story is evident. The country’s semiconductor market is set to cross $100 billion in revenues by 2030, driven by government initiatives like the production-linked incentive (PLI) scheme amid robust demand to build digital infrastructure across industries.
Apple’s record-breaking revenue in India and its plans to open new retail stores in the country demonstrate the company’s commitment to expanding its presence in emerging markets. The tech giant’s focus on innovation, education, and technology’s role in learning further underscores its mission to create products that enrich people’s lives. Despite facing challenges, Apple continues to navigate its path, maintaining its position as a global leader in the tech industry.
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