Apple Inc. CEO Tim Cook has described India as a very exciting market for the company. Apple’s overall revenue during the September quarter has decreased compared to the previous quarter, but the revenue in India has set an all-time high record.
Apple reported revenue of $89.5 billion in the September quarter, down 1% year over year. However, the company’s iPhone revenue has been good. iPhone revenue for the quarter was $43.8 billion, up 3% year-over-year.
iPhone revenue exceeded our expectations
Tim Cook said- ‘iPhone revenue in the September quarter has exceeded our expectations. Along with all-time high records of revenue in India, quarterly records have been made in many markets including China, Latin America, Middle-East, South Asia.
Many people in India are moving into the middle class.
Cook said about India – ‘Our share in a large market is low, so it seems that there is a lot of scope there… We see an extraordinary market – many people are moving into the middle class. Going to class.’ In such a situation, Apple’s major focus is towards India.
During the launch of Apple Store in Delhi, a crowd of people is seen all around the mall. Tim Cook said- India has a lot of people moving into the middle class, so there is a lot of scope here.
Apple Stores performing better than expected
In April this year, the company launched its first Apple retail store in the country – in Mumbai, followed by Delhi. Cook said about these stores- ‘There are a lot of positives, we have opened two retail stores there and they are performing better than we expected.’
48% increase in product sales in India
Recently, the Economic Times, quoting the company’s Registrar of Companies (RoC) filing, had reported that Apple has generated a total revenue of ₹ 49,321 crore in India in the financial year 2022-23. This increase in revenue is due to 48% increase in the company’s product sales. During this period, net profit has increased by 76% to ₹ 2,229 crore.
