Apple sets record India revenue driven by iPhone sales, plans 4 new stores.
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Apple has reported unprecedented revenue for its latest quarter, primarily fueled by robust global sales of the iPhone. CEO Tim Cook emphasized the significant contribution of the Indian market to this achievement, revealing that iPhone sales in India reached a record high.
“We are thrilled by the enthusiasm we are witnessing in India, where we achieved an all-time revenue record in the September quarter,” Tim Cook stated during an investors’ conference call.
In addition to iPhones, Apple’s iPad experienced substantial growth in India, with sales increasing by double digits. Cook also announced plans to enhance Apple’s retail footprint with the opening of four new stores in Bengaluru, Pune, Mumbai, and Delhi-NCR.
At present, Apple operates stores in Mumbai and New Delhi. The first store was inaugurated in April of the previous year in Mumbai’s Bandra-Kurla Complex, followed by a second location in Delhi’s Select Citywalk.
On a global scale, Apple’s revenue exceeded Wall Street expectations, with total sales rising by 6.1 percent to $94.9 billion, surpassing analysts’ forecasts of $94.4 billion.
Conversely, Apple faced challenges in China, where revenue slightly declined to $15 billion due to local competition. Nevertheless, iPhone sales increased across all regions, with Cook attributing the downturn in China to weaker performance in other product categories.
The quarter, which concluded on September 28, included the initial sales period for the new iPhone 16 series, launched on September 20. Early demand for the iPhone 16 surpassed that of last year’s iPhone 15 during the same period.
Cook also noted a strong interest in the latest iPhone operating system, which features new Apple Intelligence capabilities, with adoption rates double those of last year’s version. “The feedback from customers and developers has been exceptional,” he remarked, indicating a promising launch for the new operating system.
Apple achieved record segment revenues for the September quarter across the Americas, Europe, and the Asia Pacific region, as well as in numerous countries, including the United States, Brazil, Mexico, France, the United Kingdom, South Korea, Malaysia, Thailand, Saudi Arabia, and the United Arab Emirates. The company expressed particular enthusiasm for the performance in India, where it reached an unprecedented revenue milestone, as stated by CEO Tim Cook during the earnings call.
During the quarter, Apple inaugurated two new retail locations in India, one in Mumbai and another in Delhi. A report from Counterpoint Research indicated that Apple’s iPhone captured 21.6 percent of the market share in value terms in India for the September 2024 quarter, closely following Samsung.
In the reported quarter, Apple’s product sales revenue increased by 4.12 percent, rising to USD 69.95 billion from USD 67.18 billion in the September 2023 quarter, with iPhone sales growing approximately 5.5 percent to USD 46.22 billion from USD 43.8 billion year-on-year.
Sales from services outpaced product sales, growing around 12 percent year-on-year to reach a record USD 24.97 billion, up from USD 22.31 billion in the September 2023 quarter.
iPad sales also saw an increase of about 8 percent, totaling USD 6.95 billion in the September 2024 quarter compared to USD 6.44 billion previously.
“iPad generated USD 7 billion in revenue, reflecting an 8 percent year-over-year increase. We experienced growth not only in developed markets but also in several emerging markets, with double-digit growth observed in Mexico, Brazil, the Middle East, India, and South Asia,” remarked Luca Maestri, Apple’s Senior Vice President and Chief Financial Officer.
For the financial year ending September 28, 2024, Apple reported an annual revenue increase of approximately 2 percent, reaching USD 391 billion, up from USD 383 billion in the previous financial year.
Apple’s Q4 results – More Specefic
Apple’s fourth-quarter earnings, disclosed on Thursday, surpassed market predictions, driven by robust initial sales of the iPhone 16 series, which features advanced AI capabilities. The company reported sales of $94.93 billion, reflecting a 6 percent increase compared to the previous year, slightly exceeding Wall Street’s estimate of $94.58 billion. Earnings per share reached $1.64, excluding a notable tax charge from the European Union. Nevertheless, weaker-than-anticipated results in China and diminished performance in other product lines caused Apple’s stock to decline by approximately 1 percent in after-hours trading. The iPhone 16, which was launched just prior to the quarter’s conclusion on September 28, contributed significantly with a 5.5 percent increase in sales to $46.22 billion, surpassing analyst expectations of $45.47 billion. Tim Cook highlighted the positive initial feedback for the iPhone 16, indicating it has outperformed the early sales of last year’s iPhone 15. “We’ve had great feedback from customers and developers already,” Cook remarked. “We’re off to a good start.”
Apple’s segment-wise revenue breakdown
Total revenue: $94.93 billion (up 6 per cent year-on-year)
iPhone: $46.22 billion (up 5.5 per cent year-on-year)
Mac: $7.74 billion (up 1.71 per cent year-on-year)
iPad: $6.95 billion (up 7.87 per cent year-on-year)
Wearables, Home, and Accessories: $9.04 billion (down 3 per cent year-on-year)
Services: $24.97 billion (up 11.91 per cent year-on-year)
Apple’s cash reserves now stand at $156.65 billion.
