Apple achieves all-time revenue record in India, says CEO Tim Cook
Summary:
★Apple CEO Tim Cook announced that the company achieved an all-time revenue record in India during the September quarter (Q3).
★Cook stated that there is still significant room for growth in India, as many people are transitioning into the middle class.
★Apple reported quarterly revenue of $89.5 billion and experienced strong double-digit growth in India during the July-September quarter.
★The company also set all-time revenue records in several countries, including Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE, and Vietnam.
★Cook emphasized that India is an exciting market and a major focus for Apple, as they currently have a low market share in the country.
★Apple’s revenue in India reached nearly Rs 50,000 crore in FY23, with sales increasing by 48% and net profit rising by 76%.
★The company recorded its highest-ever quarterly shipments in India, surpassing 2.5 million units in the third quarter of this year.
★Luca Maestri, Apple’s Senior Vice President and Chief Financial Officer, attributed the company’s success to its high levels of customer satisfaction and the expansion of its direct presence in emerging markets.
During Apple’s quarterly earnings call, CEO Tim Cook announced that the company achieved an all-time revenue record in India during the September quarter. Cook highlighted that India is an incredibly exciting market for Apple and a major focus for the company. He stated that there is a lot of headroom for growth in the country, as a significant number of people are transitioning into the middle class. Apple reported quarterly revenue of $89.5 billion, experiencing strong double-digit growth in India during the July-September quarter.
Cook also mentioned that Apple set all-time revenue records in several countries, including Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE, and Vietnam. In terms of services, the company achieved an all-time revenue record with double-digit growth, surpassing expectations. Apple’s revenue in India reached nearly Rs 50,000 crore in FY23, with sales increasing by 48% and net profit rising by 76%.
Apple recorded its highest-ever quarterly shipments in India, crossing 2.5 million units in the third quarter of this year. Cook expressed his satisfaction with the performance of Apple’s two retail stores in India, stating that they are off to a good start. The company’s success in India can be attributed to its expanding customer base and high levels of customer satisfaction.
Luca Maestri, Apple’s Senior Vice President and Chief Financial Officer, highlighted that the company reached a September quarter record on iPhone shipments, driven by strength in emerging markets. Apple’s total installed base of active devices reached an all-time high across all products and geographic segments. Maestri also mentioned that Apple is expanding its direct presence by opening new Apple Retail Stores in India and launching online stores in Vietnam and Chile.
Overall, Apple’s achievement of an all-time revenue record in India reflects the company’s focus on expanding its presence in emerging markets and capitalizing on the growing middle class in the country.
–@DelhiBreakings.com na/sha
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