Riding On iPhone Sales, Apple Posts Record Revenue, Double-Digit Growth In India In Dec Quarter

The company further announced that Apple has exceeded the 10-million-unit milestone in terms of shipments.

"India grew in revenue terms, reporting strong double digits in the December quarter": Tim Cook.

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iPhone maker Apple on Friday said it has hit a record quarter in India, courtesy of bumper iPhone sales. According to Apple CEO Tim Cook, the company posted double-digit growth in India in the December quarter and hit a quarter revenue record for the Cupertino-based firm.

Responding during analyst call, Cook said: "India grew in revenue terms, reporting strong double digits in the December quarter, and hit a quarter revenue record."

The company further announced that Apple has exceeded the 10-million-unit milestone in terms of shipments and secured the top position in revenue for the first time in a calendar year.

The increasing demand for the latest iPhones is positioning India as one of the quickly expanding markets for the company. According to a recent report by Canalys, more than half of the iPhone shipments to the country in the fourth quarter of the 2023 calendar year consisted of iPhone 15 models, that was lanched last fall.

Cook also mentioned that the company achieved record-breaking revenues in several other emerging markets, such as Malaysia, Mexico, the Philippines, Poland, Turkey, Indonesia, and Saudi Arabia, among others.

Apple has posted a quarterly revenue of $119.6 billion, showing a 2 per cent increase from the previous year, even with one less week in the quarter and COVID-related factory shutdowns affecting iPhone supply. The company reported a net profit of $33.9 billion, up by 13 per cent year-over-year, with quarterly earnings per diluted share reaching $2.18, reflecting a 16 per cent year-over-year growth for the fiscal year Q1 2024, concluding on December 31, 2023.

According to market intelligence firm Counterpoint Research’s Monthly India Smartphone Tracker, Apple shipments crossed the 10-million mark, helping it capture the top spot in terms of revenue for the first time ever in a calendar year, despite India’s smartphone shipments remaining flat in 2023 at 152 million units.