Riding On iPhone Sales, Apple Sets Record June Quarter In India

Riding on the trend of premiumisation and bumper iPhone sales, Apple registered a record double-digit revenue in India in the June quarter.

Apple recently expanded its retail presence in the country with two stores in Delhi and Mumbai and their performance has "exceeded expectations".

Riding on the trend of premiumisation and bumper iPhone sales, Apple registered a record double-digit revenue in India in the June quarter. Tim Cook, Apple CEO said the company was pleased with the growth in India, the second-largest smartphone market in the world. Apple recently expanded its retail presence in the country with two stores in Delhi and Mumbai and their performance has "exceeded expectations". India featured prominently in Apple's latest earnings call.

"We set a June quarter record in India - driven by robust sales of iPhone. Performance of our new stores in India this spring exceeded our expectations.," Cook said during the company's earnings call.

India Among Top 5 Markets For Apple 

According to Luca Maestri, the company's Chief Financial Officer, the revenue growth in India was in double-digits for iPhone. The other markets where Apple witnessed robust iPhone sales include Indonesia, Poland, the Philippines, Turkey, the UAE, Mexico and Saudi Arabia, Cook noted during the earnings call.

Asked a specific question on the potential of the India market, Cook replied: "You know we did hit a June quarter revenue record in India and we grew strong double digits. We also opened our first two retail stores during the quarter and of course, it’s early going currently but they are currently beating our expectations in terms of how they are doing. We continue to work on building out the channel and putting more investment in our direct-to-consumer offers as well."

"And so I think if you look at it, it’s the second largest smartphone market in the world and we ought to be doing really well there and we are very pleased with our growth there. We still have a very, very modest and low share in this smartphone market so I think it’s a huge opportunity for us. And we are putting in all of our energies to make that occur,” Cook added.

According to market intelligence firm IDC, Samsung, Vivo and OnePlus were the leaders in the 5G segment with a combined market share of 54 per cent. Apple’s iPhone 13 and OnePlus’ Nord CE3 Lite were the highest-shipped 5G models in Q2, 2023. Apple grabbed the seventh spot in India smartphone market after Samsung, Vivo, OnePlus and others. The India market has witnessed an overall decline in Q2.

Apple captured five per cent market share in the smartphone market in Q2, recording a significant YoY increase of 62 per cent in its shipments, said CyberMedia Research (CMR). Apple was also the top contributor in the premium segment (>Rs 25,000) with 25 per cent market share.