Apple earned record revenue in India in the September quarter, owing to high demand for its latest iPhone models and robust iPad sales, Chief Executive Officer (CEO) Tim Cook stated during the company's Q4 earnings call on Friday.
The Cupertino tech giant's performance was boosted by double-digit revenue growth for the iPad in India, as well as in Mexico, Brazil, the Middle East, and South Asia.
"We continue to be excited by the enthusiasm we are seeing in India, where we set an all-time revenue record," Cook told reporters.
With India on its growth radar, the business intends to extend its retail presence throughout the country. "We can't wait to bring four new stores to our customers in India," Cook told reporters.
Apple now maintains two flagship locations in India: Apple Saket in New Delhi and Apple BKC in Mumbai. Four additional stores are set to open in Bengaluru, Pune, Mumbai, and Delhi-NCR.
Apple's impressive quarterly results in India come at a time when the larger Indian smartphone industry experienced weak volume growth, up only 3% year on year during the festival season. Analysts ascribed this to restricted investment in the mass market segment priced below Rs 25,000.
However, the trend of consumers preferring premium smartphones resulted in a 12% year-on-year increase in the value of the country's smartphone market in the September quarter, according to a report by research firm Counterpoint.
Apple played a significant role in this value-driven increase, with a 22% share, slightly below Samsung's 23% lead. According to analysts, Apple has "aggressively expanded" into smaller Indian cities, resulting in significant value growth and a renewed focus on new iPhones.
"Strong shipments of the iPhone 15 and iPhone 16 ahead of the festival season have boosted Apple's performance. As customers invest more in premium smartphones, Apple has reinforced its position as the top choice for premium purchasers in India, aided by its aspirational image and expanding footprint," said Prachir Singh, senior research analyst at Counterpoint.
Apple reported overall quarterly revenue of $94.9 billion, up 6% year on year, with quarterly diluted earnings per share of $0.97. Cook said iPhone sales increased across all geographic regions, setting a new September quarter revenue record for the category, while its'services' category hit an all-time revenue record, up 12% year on year.
The business also set September quarter segment revenue records in the Americas, Europe, and Asia Pacific, as well as significant markets such as the United States, Brazil, Mexico, France, the United Kingdom, Korea, Malaysia, Thailand, Saudi Arabia, and the United Arab Emirates.
Apple's artificial intelligence-enhanced iPhone started well, exceeding Wall Street projections in quarterly sales, but a modest revenue forecast aroused concerns about whether that momentum will continue into the holiday shopping season.
A drop in China sales during the fourth quarter also disturbed some analysts and investors, causing shares to fall 1.4% in after-hours trading, despite remarkably high overall earnings and revenue in that period.
Revenue in Greater China declined marginally to $15 billion from the previous year, according to a company statement released on Thursday. Analysts estimated $15.8 billion.
