Apple last night declared results for its latest quarter — the first quarter in the company’s financial papers — and showed that its iPhone juggernaut continued to roll on.
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More particularly for Indian fans and watchers of Apple, the company announced that it had its record quarter in the country, thanks to a surge in iPhone sales. In the earnings call after the results, Apple CEO Tim Cook said that business in “India grew in revenue terms… and hit a quarter revenue record.”
The comments from Cook came just days after a research note by Counterpoint highlighted that Apple had surpassed Samsung as the top mobile phone company in India in terms of revenue.
“We continue to see strong double-digit growth in many emerging markets, with all-time records in Malaysia, Mexico, the Philippines, Poland, and Turkey, as well as December quarter records in India, Indonesia, Saudi Arabia, and Chile,” Cook said in his prepared remarks after Apple announced its results.
Talking of which, the company yet again posted impressive numbers. Apple posted quarterly revenue of $119.6 billion, up 2 per cent year over year in its first financial quarter.
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The revenue was largely fuelled by growth by iPhone, Mac and Services. The wearables and home — which haven’t seen exciting new launches in a while — and iPad were on a downswing. Although it is expected that Apple will soon launch new iPads in the coming weeks and that may give a bump again to this particular segment.
“Today Apple is reporting revenue growth for the December quarter fuelled by iPhone sales, and an all-time revenue record in Services,” said Cook. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion… And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation.”
That Apple’s India story is strong is also evident by market notes that research agencies are sharing. Just a few days ago, Counterpoint highlighted that Apple was now No 1 mobile phone company in India in terms of revenue.
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“Apple’s focus on India is (helping it), with the brand surpassing the 10-million-unit mark in shipments and capturing the top position in revenue in a calendar year for the first time, propelled by robust demand for both its latest and older iPhones. The opening of own retail stores and increasing focus on large-format retail,” research analyst Shubham Singh said in the Counterpoint note.
