Apple, a US tech major, has posted record revenues in India during the March 2024 quarter. Even though the company's global revenues dipped 4% YoY, its business in India boomed. Declining iPhone sales (by 10% YoY) was the major reason for lower revenues. In India, Tim Cook, CEO of Apple, said that they saw double-digit growth during the March quarter.
Cook said, "As you know, as I’ve said before, I see it as an incredibly exciting market and it’s a major focus for us." Apple opened two company-owned flagship stores in India in 2023. The first store was opened in Mumbai at the Jio World Drive in BKC and the second one was opened in Saket, Delhi. Apple is expecting a big future in the Indian market, hence the investment in opening company-owned stores. Tim Cook had flown in to be a part of the inauguration process of the stores, signifying the importance of the Indian market.
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Global iPhone sales fell for Apple on account of a weak demand in the Greater China region, which includes Hong Kong, Mainland China, Singapore, and Taiwan.
Luca Maestri, Chief Financial Officer at Apple also said that the company posted a record six-month revenue in India. Apart from India, Apple also set six-month records in other developing countries such as Indonesia, the Middle East, Turkey, and the Philippines.
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Apple is also producing iPhones in India. The company is expected to scale production of iPhones in India by shifting a major production capacity from China to India. Apple is also planning to open more stores in India in cities such as Bengaluru to tap into more markets. Apple also sells officially online in India. The online store allows users to customise their Apple products for more storage and also allows them to choose from all the colour options available.
