Tim Cook announced that Apple would open four more stores in India. This is not a new development, and not the first time Apple confirmed it. However, the words come officially for the first time from Tim Cook upon witnessing record revenues in India for September 2024 quarter. Driven by growth in sales of iPhones, Apple saw its revenues going up by 6% in every region, confirmed Tim Cook.
At the company's earnings call on Friday, Tim Cook said, "iPhone grew in every geographic segment, marking a new September quarter revenue record for the category…And we continue to be excited by the enthusiasm we're seeing in India, where we set an all-time revenue record."
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He said that Apple is opening four more stores in the country. The two existing stores were opened in early 2023 in Delhi and Mumbai. Previously, Diedre O'Brien, Apple's senior vice president of retail had confirmed that the company will come up with four new stores in India. Two would go in Delhi and Mumbai, and two would go to Bengaluru and Pune.
Apple also witnessed growth in sales of iPads globally. Luca Maestri, chief financial officer at Apple, said, "In addition to growth in developed markets, we also saw strong performance in many emerging markets, with double-digit growth in Mexico, Brazil, the Middle East, India and South Asia. The iPad installed base reached another all-time high, and over half of the customers who purchased iPads during the quarter were new to the product."
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As per a Counterpoint Report, Apple cornered the second-highest market share in India in terms of value at 22% during the September 2024 quarter. As more people upgrade to premium phones in the country, devices from Apple and Samsung are the first contenders/considerations owing to their brand legacy.
