Cook said that India is “an incredibly exciting market for them and a major focus for the company.”
Apple has achieved an all-time revenue record in India in the September quarter, said CEO Tim Cook. He added that there is a lot of headroom to grow in the country where “a lot of people are moving into the middle class.” “We achieved an all-time revenue record in India as well as September quarter records in several countries, including Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE, Vietnam and more,” said Cook.
“In services, we set an all-time revenue record with double-digit growth and ahead of our expectations,” he added.
Apple said that it posted quarterly revenue of $89.5 bn, the iPhone maker grew in strong double digits in India in the July-September quarter. The same quarter saw new iPhone 15 series sales starting September 22.
“We have a low share in a large market and so there’s a lot of headroom there. We see an extraordinary market — a lot of people moving into the middle class,” the Apple CEO further said.
“Lots of positives, we put two retail stores there and they are doing better than we anticipated — it’s still early going but they are off to a good start, and I couldn’t be happier with how things are going at the moment,” he added.
Apple’s revenue in India hit nearly Rs 50,000 crore in FY23, with sales increasing 48 % to Rs 49,321 crore and net profit rising 76 % to Rs 2,229 crore.
In April this year, Apple opened its first stores in India grabbing lot of attention and thronged by thousands of tech enthusiasts in Mumbai and Delhi. Tim Cook, the Apple CEO had inaugurated these stores that India was at the “tipping point” and that Apple is “bullish” about AI.