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Updated February 2nd, 2024 at 14:22 IST

Apple India posts record quarterly revenue in December, driven by strong iPhone sales: Tim Cook

Revenue from iPhone sales witnessed 6% growth, reaching $69.7 billion compared to $65.77 billion in the corresponding quarter last year.

Reported by: Business Desk
Apple India revenue record
Apple India revenue record | Image:Apple BKC
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Apple India revenue growth: Apple Inc.'s Indian operations reported a substantial surge in revenue during the December 2023 quarter, setting a new record primarily due to robust sales of its flagship product, the iPhone, Apple CEO Tim Cook said in a recent earnings call.

Tim Cook stated, ''India grew in revenue terms, grew strong double-digits in the December quarter and hit a revenue record.''

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Apple's overall quarterly revenue reached $119.6 billion, reflecting a 2 per cent year-over-year increase. The company's active device base surpassed 2.2 billion, achieving an all-time high across products and geographic segments.

Specifically, revenue from iPhone sales experienced a 6 per cent growth, reaching $69.7 billion compared to $65.77 billion in the corresponding quarter last year. Apple's success extended beyond India, with all-time high revenues reported in emerging markets such as Malaysia, Mexico, the Philippines, Poland, Turkey, Indonesia, and Saudi Arabia.

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Counterpoint Research noted that Apple led the Indian market in terms of revenue in 2023, marking the first time it surpassed the 10-million-unit mark in shipments and claimed the top position in revenue for a calendar year, while Samsung maintained the lead in volume sales.

However, iPad sales witnessed a decline of approximately 25 per cent, totaling around $7 billion in the December 2023 quarter. The Wearable, Home, and Accessories segment experienced a drop of nearly 11 per cent to $11.95 billion, down from $13.48 billion in the year-ago period. Mac PC sales remained relatively flat at $7.7 billion year-over-year.

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On the services front, Apple saw an 11.3 per cent increase in revenue, amounting to $23.11 billion in the December 2023 quarter, compared to $20.76 billion a year ago.

For the fiscal year ending September 30, 2023, Apple reported a 2.8 per cent decline in net income to $96.99 billion, down from $99.8 billion in the previous year. The annual revenue for the tech giant also dropped by 2.8 per cent to $383.28 billion, compared to $394.32 billion in fiscal year 2022.

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Annual sales figures for specific products include a 2.3 per cent decline in iPhone sales to $200.5 billion, a 27 per cent decrease in Mac PC sales to $29.35 billion, a 3.3 per cent dip in iPad sales to $28.3 billion, and a 3.3 per cent decrease in Wearables, Home, and Accessories sales to $39.84 billion.

(With Reuters inputs.)

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Published February 2nd, 2024 at 14:22 IST

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