Apple creates all-time revenue record in India: CEO Tim Cook

By Sandy Verma On Nov 2, 2024

��NEW DELHINew Delhi: iPhone Maker Apple has set an all-time revenue record in India and sees double-digit growth in iPad sales in the country in the September 2024 quarter, senior company officials said on Friday. The company reported an increase of over 6 per cent in total net sales to USD 94.93 billion during the period under review as compared to a year ago. Apple CEO Tim Cook said during the company's earnings call, “We've seen growth in the rest of the Americas, Europe and Asia Pacific, as well as in the United States, Brazil, Mexico, France, the UK, Korea, Malaysia, Thailand, Saudi Arabia and “We also set segment revenue records for the September quarter in several countries, including the UAE, and we are encouraged by the enthusiasm we are seeing in India, where we set an all-time revenue record.”

Cook said Apple also opened two new stores in the country during the quarter – one in Mumbai and the other in Delhi. “We can't wait to bring four new stores to customers in India,” he said. In early October, Apple announced plans to open four more stores in India in Pune, Bengaluru, Delhi-NCR and Mumbai. Apple iPhone sales in India accounted for 21.6 percent of the market by value in the September 2024 quarter, according to a Counterpoint Research report. It lagged behind Samsung by a small margin. Apple's revenue from sales of products grew 4.12 percent to USD 69.95 billion during the reported quarter from USD 67.18 billion in the September 2023 quarter,

While iPhone sales increased by about 5.5 percent on a year-on-year (YoY) basis to USD 46.22 billion from USD 43.8 billion. Services sales grew nearly 12 per cent faster than product sales on a year-on-year basis and reached an all-time high of USD 24.97 billion during the quarter from USD 22.31 billion in the September 2023 quarter. The company's iPad sales rose nearly 8 percent to USD 6.95 billion in the September 2024 quarter from USD 6.44 billion.

“iPad generated revenue of US$7 billion, up 8 percent year-over-year. In addition to growth in developed markets, we also saw strong performance in several emerging markets, including Mexico, Brazil, the Middle East, India and Double-digit growth in South Asia,” said Luca Maestri, Apple's senior vice president and chief financial officer. Apple's annual revenue rose nearly 2 percent to USD 391 billion in the fiscal year ending September 28, 2024, from USD 383 billion in fiscal 2023.

Apple's annual product sales declined 2 per cent to USD 185.23 billion in FY23 from USD 189.28 billion in FY24, while services revenue increased marginally to USD 25.11 billion from USD 24.85 billion YoY. While Apple recorded sales growth across geographies, its quarterly sales in China remained nearly flat during the quarter while annual sales declined 8 percent on a year-over-year basis. In the product segment, annual sales of iPad declined by nearly 6 per cent to US$26.69 billion in FY24 from US$28.3 billion in FY23.