Apple Sees Record $51.3 Billion iPhone Sales In March Quarter, Posts Revenue Of $94.8 Billion

Apple has reported its March quarter results and the tech giant reported revenue of $94.8 billion in the first quarter (Q1) of this year, beating analysts' expectations amid a slowing economy.

Apple has reported its March quarter results and the tech giant reported revenue of $94.8 billion in the first quarter (Q1) of this year, which is down 3 per cent YoY, but the company posted a profit of $24 billion, beating analysts' expectations amid a slowing economy. Bumper iPhone sales contributed $51.3 billion to Apple's profits in this quarter.  

"Today, we're reporting revenue of $94.8 billion for the March quarter, which was better than our expectations. We set an all-time record for Services and a March quarter record for iPhone. We were particularly pleased with the performance we saw in emerging markets and achieved all-time records in Mexico, Indonesia, the Philippines, Saudi Arabia, Turkey and the UAE, as well as a number of March quarter records, including in Brazil, Malaysia and India, Tim Cook, Apple’s CEO, said in a statement.

“We are pleased to report an all-time record in Services and a March quarter record for iPhone despite the challenging macroeconomic environment, and to have our installed base of active devices reach an all-time high,” 

Apple iPhone sales increased 1.5 per cent to $51.33 billion. However, Mac sales declined more than 30 per cent to $7.17 billion.

According to Luca Maestri Chief Financial Officer, Apple's gross margin will be between 44 per cent and 44.5 per cent, above estimates of 43.7 per cent, according to Refinitiv data. But he also said Apple's revenue will likely decline slightly. Analysts were expecting a 2.1 per cent increase to $84.7 billion for the company's June-ending fiscal third quarter.

"And as I noted earlier, in a milestone for Apple, we just opened our first two Apple stores in India, in Mumbai and Delhi. I was there to see it for myself, and I couldn't have been more delighted by the excitement and enthusiasm of the customers, developers, creators and team members I got to spend time with.”

Apple iPhone sales in India and opening of official retail stores

Last month, a report said India's iPhone exports jumped almost four times to cross $5 billion or more than Rs 40,000 crore in FY 2023, in the wake of increased local production of Apple iPhone models. India has become a smartphone export hub for countries including Germany, Russia, the UK, France, Italy, the Middle East and Japan, the report added.

Apple started a new love story with India last month by opening two official Apple Stores in the country -- one in the financial capital Mumbai, followed by another in the national capital Delhi today (April 20), almost twenty years after Asia got its first Apple Store. The opening of Apple's first retail stores in India comes amid the tech giant's broader retail push into the country, where its market share is relatively low.

"And as I noted earlier, in a milestone for Apple, we just opened our first two Apple stores in India, in Mumbai and Delhi. I was there to see it for myself, and I couldn't have been more delighted by the excitement and enthusiasm of the customers, developers, creators and team members I got to spend time with," Cook noted.

It is pertinent to note that Apple has been ramping up the production of iPhones in India especially after its biggest contract manufacturer and partner Foxconn witnessed unrest in China at the Zhengzhou manufacturing plant. Foxconn in China witnessed major supply-chain disruptions late last year due to the country's zero-Covid policy.