India’s Exciting Growth: Apple’s All-Time High Revenue Record

Earlier this year marked a pivotal moment for Apple, as it unveiled its inaugural Indian retail outlets, creating quite a buzz in the headlines. These stores found their abode in the bustling urban landscapes of Mumbai and Delhi, magnetizing thousands of fervent tech enthusiasts to their grand opening events.

The distinguished figurehead of Apple, CEO Tim Cook, made a significant sojourn to India during this period to personally officiate the launch of these retail establishments. In an exclusive interview with India Today Tech, Mr. Cook elucidated on the Cupertino-based tech behemoth’s ardent commitment to deliver its paramount offerings to the Indian milieu. He emphatically conveyed India’s status as a “tipping point,” affirming Apple’s bullish outlook on the realm of artificial intelligence.

Fast forward to a recent investor’s call, where Mr. Cook revisited the subject of the Indian market, proclaiming that Apple had achieved an unprecedented zenith in terms of revenue generated on the Indian subcontinent.

Regarding Apple’s record-breaking revenue in India, Mr. Cook shared during the meeting, “We achieved an all-time high in revenue in India, experiencing robust double-digit growth. This vibrant market continues to hold a paramount focus for us. Despite having a relatively modest market share in this expansive domain, we perceive substantial untapped potential. We bear witness to an extraordinary market in flux, with an increasing number of individuals ascending to the middle class. Positives abound. Our two retail stores in India, though still in their nascent stage, have exceeded our initial expectations. The trajectory looks promising, and I am exceedingly content with the current progress.”

Delving into the specifics of the Apple stores in India, the inaugural outlet graced the Jio World Drive mall in Mumbai’s Bandra Kurla Complex (BKC) on April 18, attracting hordes of eager Apple aficionados who queued up in anticipation. A couple of days later, the second store emerged in New Delhi, within the confines of the Select Citwalk Mall in Saket, once again witnessing a substantial gathering of enthusiasts eager to explore the offerings. Notably, Mr. Tim Cook, Apple’s CEO, was personally present at both these store inaugurations, emphasizing the pivotal role of India as a significant market in various media interviews.

Further elucidating the financial success, during the same investor’s call, Luca Maestri, Senior Vice President and Chief Financial Officer at Apple, revealed that iPhone revenue reached an astounding USD 43.8 billion in the current year, setting an all-time record in India.

Mr. Maestri articulated, “Our iPhone revenue stands at USD 43.8 billion, reflecting a 3 percent Year-over-Year increase and establishing a new September quarter record. We have witnessed exceptional performance in multiple markets, including an all-time high in India and new September quarter records in Canada, Latin America, the Middle East, and South Asia. The active installed base of iPhones has scaled to an unprecedented high in fiscal 2023, making it yet another record year for conversions.”

These milestones underscore Apple’s enduring commitment to the burgeoning Indian market, where their distinctive retail presence and record-breaking revenue herald a bright future.