Apple reported a new revenue record in India for the quarter ending June 29, 2024. Not just in India, but for global revenues in the June quarter, Apple registered a record revenue of $85.8 billion USD. Indian consumers have started to upgrade to more premium products, especially in the smartphone category. This has led to Apple posting record revenue in the country. It is worth paying attention to the fact that in India, smartphone shipments have been falling since the Jan-March quarter (on a YoY basis). Despite that, Apple has managed to grow its revenues.
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Tim Cook, in the third quarter earnings call, said that Apple has set, "quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand."
One should note that it is not just the iPhones that Apple sells in India. Users also get different categories of products such as Macs, AirPods, and Watches. Further, the company also earns money through digital services such as iCloud subscriptions. India is an emerging market for Apple, and the Cupertino tech giant plans to open more company-owned stores in the country. In 2023, Apple opened a new store in Mumbai as well as New Delhi.
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The other stores are expected to come in major cities such as Bengaluru. Don't forget that Apple also sells through its own online store as well, which allows customers to place custom orders with storage upgrades and more. With the recent price cuts on the iPhones and the approaching festive season, Apple is likely going to add more users to its customer base and should likely see the revenues going up further.
