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Apple, listed on the NASDAQ under the ticker AAPL, has reported a remarkable achievement in India for the September quarter (Q3), according to CEO Tim Cook. During the company’s quarterly earnings call, where Apple announced a quarterly revenue of $89.5 billion, Cook highlighted the company’s impressive performance in India during the July-September quarter. Notably, this period also marked the launch of the new iPhone 15 series, which began sales on September 22.
Cook stated, “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.” In the services sector, Apple set an all-time revenue record with double-digit growth, exceeding expectations.
In response to a question from an analyst about the momentum in India, Cook emphasized the country’s significance as “an incredibly exciting market” and a major focus for Apple. He acknowledged that they have a relatively low market share in India, which offers substantial growth opportunities. Cook observed, “We see an extraordinary market — a lot of people moving into the middle class.”
Cook also shared positive news about Apple’s two retail stores in India, noting that they are exceeding expectations, even though it’s still early days. Apple’s revenue in India for FY23 reached nearly Rs 50,000 crore, with a 48% increase in sales to Rs 49,321 crore and a 76% rise in net profit to Rs 2,229 crore. The company achieved its highest-ever quarterly shipments in India, surpassing 2.5 million units in the third quarter of this year.
Luca Maestri, Senior Vice President and Chief Financial Officer at Apple, mentioned that the company reached a September quarter record for iPhone sales, primarily driven by strength in emerging markets. He emphasized that the total installed base of active devices reached an all-time high across all products and geographic segments, thanks to high customer satisfaction and an influx of new customers into the Apple ecosystem. Maestri also highlighted Apple’s expansion efforts, including the opening of new Apple Retail Stores in India and the launch of online stores in Vietnam and Chile.
