Apple Hits Revenue Records in India Amid Overall Slump, Says CEO Tim Cook
Apple set revenue records in India in the quarter ended March 2024, marking a significant milestone for the tech giant as overall revenue declined 4% compared to the same period last year. Despite the dip, which was primarily due to a 10% decrease in iPhone sales, the company achieved double-digit growth in India, according to CEO Tim Cook. Apple reported $90.75 billion in revenue for the March quarter, surpassing analyst expectations and up from $81.8 billion in the previous year.
“We did grow strong by double-digit, and so we were very, very pleased with that. It was a new March quarter revenue record for us”, Cook said during Apple’s earnings call on Friday, expressing optimism about the company's performance in the Indian market.
iPhone revenues decreased to $45.96 billion from $51.33 billion in the quarter to March, reflecting a decline in the Greater China region, which includes Mainland China, Taiwan, Singapore, and Hong Kong. Analysts attributed the decline in China to intense competition from Huawei.
Despite the setback in Greater China, Apple’s Chief Financial Officer Luca Maestri highlighted strong momentum in emerging markets. “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,” Maestri said.
Cook noted that Apple is producing iPhones in India to remain competitive, emphasizing the importance of operational expansion in the region. “From a pragmatic point of view, you need to produce there to be competitive”, Cook explained, pointing to Apple's operational and market initiatives in India.
He also highlighted Apple's focus on the entire ecosystem in India, including working with developers, expanding retail channels, and opening new stores. This comprehensive approach is driving growth and creating a base of enthusiastic developers, according to Cook.
Maestri added that while China remains Apple’s largest emerging market, other regions like India, Saudi Arabia, Mexico, Turkey, and Brazil are experiencing substantial growth. “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”, Maestri stated.
Looking ahead, Apple projected single-digit growth for the June quarter as it prepares to announce generative AI-based features at an upcoming event. Cook expressed confidence in Apple's potential in generative AI, noting the company's significant investments in the technology.
“We continue to feel very bullish about our opportunity in generative AI. We are making significant investments, and we’re looking forward to sharing some very exciting things with our customers soon”, Cook said. He emphasized Apple’s unique combination of seamless hardware, software, and services integration, as well as its focus on privacy.
