Business

Apple’s Indian Business Strengthens with Impressive Double-digit Growth

Apple’s record quarterly revenue in India during the January-March period.  It was driven by strong sales of iPhones, which registered double-digit growth. Despite facing foreign exchange headwinds and weak sales of MacBooks, iPads, wearables, and home accessories, Apple has made its way to grow exponentially.

Apple CEO Tim Cook announced that the company had achieved strong double-digit growth and set a quarterly record in India during the January-March period. He also stated that India is a major focus for the company and expressed excitement about the market’s potential. Although no specific details were given, according to Counterpoint Research, Apple continued to lead the premium and ultra-premium segments in India during the quarter with 50% year-on-year growth and a 6% share.

Also Read: Paytm’s Q4 Results Exceed Expectations, Revenue Up 52% to Rs 2,335 Crore

Financing schemes like no-cost EMIs and buy now, pay later options are contributing to the growth of premium smartphones in India, according to Apple CEO Tim Cook. During his recent meetings with Indian officials, Cook reiterated Apple’s commitment to expanding its manufacturing and technology base in the country.

Apple is aiming to broaden its customer base and increase its market share by opening retail stores in Mumbai and Delhi, according to Apple CEO Tim Cook. He expressed his satisfaction with the response from customers, developers, creators, and team members during his visit to the stores.

Also Read: India’s Exports Are Anticipated To Reach $900 Billion In 2023-2024

During FY23, which aligns with Apple’s fiscal year starting in October, the company achieved a record high of $6 billion in sales from India, representing an increase of nearly 45%. Industry estimates suggest that Apple accounted for half of the total smartphone exports worth Rs 90,000 crore during the same period. The Indian government reports that in the last two years, Apple has created over 100,000 new direct manufacturing jobs, with 70% of these positions filled by women.

Apple’s current workforce in India amounts to 2,500 employees. Although the tech giant’s global revenue for the January-March period decreased by 2.5% year-on-year to $94.8 billion, iPhone sales accounted for $51.3 billion of the total revenue, while net profit declined by 3.4% year-on-year to $24.2 billion.

Shruti Rag

Recent Posts

PM Modi Meets Bhutan PM Tobgay At BIMSTEC Summit; Highlights Strong Bilateral Ties & Regional Cooperation

PM Narendra Modi met Bhutanese PM Tshering Tobgay on the sidelines of the 6th BIMSTEC…

6 hours ago

Jamia Students Back Waqf Amendment Bill; Call It A Step Toward Empowerment

The student group 'Shaher-E-Arzoo' expressed firm support for the Waqf Amendment Bill, calling it a…

8 hours ago

India’s Exports To The US Face Limited Impact From Tariff Hike: SBI Report

The 27% tariff hike by US President Donald Trump on Indian goods will have only…

8 hours ago

Waqf Freed From Mafia Control, New Era Of Development Begins For Muslims: MRM

Following the passage of the Waqf Amendment Bill 2024 in both Houses of Parliament, celebrations…

9 hours ago

India’s Forex Reserves Surge To $665.4 Billion; Rupee Strengthens As Trade Deficit Narrows

India’s forex reserves jumped $6.6 billion to a five-month high of $665.4 billion for the…

10 hours ago

Laxmi Singh Leads Gautam Buddha Nagar Police To Historic No 1 Rank In IGRS Across All Stations

Gautam Buddha Nagar Police, led by CP Laxmi Singh, achieved a historic feat with all…

11 hours ago