“If you look at it, India grew — in revenue terms — strong double-digits in the Dec quarter and hit a quarter revenue record. Other emerging markets like Indonesia also hit a quarterly record. And we had several regions, with records from Latin America to the Middle East. And that theme has been consistent across the other quarters… of the year as well. And so, emerging markets, very, very important. And I feel like we are doing a great job there,” said Apple CEO Tim Cook during the first quarter earnings call on Thursday. Apple reported a revenue of $119.6 billion for the Dec quarter, up 2% from a year ago.
Its CFO Luca Maestri said Apple set all-time records in several countries and regions, including Latin America, Western Europe, West Asia, and Korea, as well as Dec quarter records in India and Indonesia.
India was among Apple’s fastest-growing iPhone markets last year, with annual shipments crossing 10 million units for the first time. This comes months after Apple’s India business is inching closer to the Rs 50,000 crore revenue mark, with its sales growing 48% in the 2022-23 financial year.
Tarun Pathak, research director for devices and ecosystems at Counterpoint Research, said, “It also achieved record Dec-quarter shipments as well as revenue. The iPhone 14 claimed the top spot as Apple’s flagship model for the year, followed by the iPhone 13, underscoring Indian consumers’ preference for value. The iPhone 15, Apple’s first flagship manufactured in the country, came in third, contributing 10% to its 2023 shipments,” he said.
Pathak attributed Apple’s India growth story to its local manufacturing footprint, launching its own retail stores and a growing focus on large format retail that underscores Apple’s long-term interest in the country.