New Delhi: Apple Inc, an American multinational technology company, has achieved record revenues in India for the quarter ending March 2024, despite 4% drop in overall revenue and 10% decline in iPhone sales from the previous year.
Apple chief executive officer (CEO) Tim Cook made the announcement during the earnings call on May 2, 2024, while discussing the company’s financial outcomes in India, a media house reported.
Apple said fiscal second-quarter revenue fell 4% to $90.8 billion, beating the average analyst estimate of $90.01 billion, according to LSEG data.
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Speaking about the Apple’s manufacturing operations in India, Cook emphasised the strategic importance of local production for maintaining competitiveness and said that one needed to manufacture products locally to be competitive in the market. “The two things are linked from that point of view, but we have both operational things going on and we have go to market and initiatives going on,” added Cook.
The Apple CEO, however, expressed satisfaction over Apple’s strong double-digit growth, leading to a new revenue record for the March quarter and reiterated his excitement about the Indian market. “Indian is one of great significance for the company as a major focus area.
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Apple’s chief financial officer (CFO) Luca Maestri stated that Apple saw significant revenue growth in other emerging markets during the first half of the year, besides India. “We were particularly pleased with our strong momentum in emerging markets, as we set first-half revenue records in several countries and regions including Latin America, the Middle East, India, Indonesia, the Philippines, and Turkey,” said Maestri.
According to the CFO, Apple expects a promising growth opportunities in these regions. “We are happy because these are markets where our market share is low, the populations are large and growing, and our products are really making a lot of progress in those markets. The level of excitement for the brand is very high,” he added.
