Apple Sets Another Quarterly Revenue Record in India: Tim Cook
Apple has achieved another quarterly revenue record in India for the April-June period, driven by robust local manufacturing and increased exports amid the government's production-linked incentive (PLI) scheme. Apple CEO Tim Cook announced during the company’s Q3 earnings call that they have set quarterly revenue records in over two dozen countries and regions, including India, Canada, Mexico, France, Germany, the UK, Indonesia, the Philippines, and Thailand.
"We set an all-time revenue record in services, which grew 14 percent", Cook informed analysts.
Apple's exports from India reached approximately $3.8 billion in the April-June quarter, reflecting the company's strengthened local production capabilities. Riding on the government’s PLI scheme, Apple achieved a new all-time high in the Q1 FY25, according to industry data.
For the June quarter, Apple reported a revenue record of $85.8 billion, a 5 percent increase from the previous year. Luca Maestri, Apple’s Senior Vice President and Chief Financial Officer, highlighted that Mac revenue reached $7 billion, up 2 percent year-over-year, driven by the MacBook Air powered by the M3 chip. "We saw particularly strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia", Maestri noted.
Prabhu Ram, VP of the Industry Research Group at CyberMedia Research (CMR), stated that the iPhone 15 series continued to perform well. "We believe Apple has sufficient headroom for growth in India over the upcoming quarters, with the new iPhone series and the festive season sales", Ram said.
In the last fiscal year (FY24), Apple saw its sales in India reach new highs amid increased manufacturing and a growing trend towards premium products. The tech giant reported approximately $8 billion in sales in India for FY24, marking a nearly 33 percent year-on-year surge.
Industry estimates suggest that iPhone shipments are projected to increase by over 20 percent this year, supported by domestic manufacturing and strong distribution networks. India's electronics sector has experienced rapid growth, reaching $155 billion in FY23.