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Wednesday, April 17 2024

Apple sets new revenue record in India, logs double-digit growth

Apple Sets New Revenue Record In India Logs Doubledigit Growth
Photo Credit : IANS

New Delhi:  Apple CEO Tim Cook has said that the company has made a new revenue record in India in the July-September period, and continues to perform well with strong double-digit growth in the country, which is next on Apple’s big manufacturing plans.

Apple posted a September quarter record revenue of $90.1 billion globally, up 8 per cent year over year. Annual revenue was $394.3 billion, also up 8 per cent year over year.

“Across nearly every geographic segment, we reached a new revenue record for the quarter and we continue to perform incredibly well in emerging markets with very strong double digit growth in India, South East Asia and Latin America,” Coll told the analysts during the company’s earnings call late on Thursday.

On iPhone revenue, Apple CFO Luca Maestri said that Apple set September quarter records in the vast majority of markets we tracked”.

“And our performance was particularly impressive in several large emerging markets, with India setting a new all-time revenue record and Thailand, Vietnam, Indonesia and Mexico more than doubling year over year,” Maestri added.

In a fillip to India’s thrust on local manufacturing, Apple last month confirmed it has kicked off the production of new iPhone 14 in India, a first for the tech giant as it narrows down the manufacturing period of new iPhones in India with China.

The locally-assembled iPhone 14 will go on sale in the country in the fourth quarter.

“The new iPhone 14 lineup introduces groundbreaking new technologies and important safety capabilities. We’re excited to be manufacturing iPhone 14 in India,” according to Apple.

Foxconn is assembling the new iPhone 14 at its Sriperumbudur facility near Chennai.

As India doubles down on local manufacturing of technology products, Apple is likely to move 5 per cent of its new iPhone 14 production to India by the end of this year, and 25 per cent by 2025, according to a JP Morgan analysis.

Buoyed by the ease-of-doing business and friendly local manufacturing policies, Apple’s ‘Make in India’ iPhones will potentially account for close to 85 per cent of its total iPhone production for the country this year.

Responding to questions from analysts, the Apple CFO said that “we are seeing very strong double digit growth in places like India, Indonesia, Mexico, Vietnam and many places where we have done incredibly well”.

“And obviously in local currency, those growth rates are even higher. It is important for us to look at how these markets perform in local currency because it really gives us a good sense of customer response for our products, the engagement with our ecosystem and in general the strength of the brand,” Maestri added.

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