Apple hits India sales record: Cook

Apple Inc.’s chief executive Tim Cook on Thursday said that the company achieved “strong double digits" growth to report record revenue in India for the June quarter.

- Shouvik Das

“We also opened our first two retail stores during the quarter. And it’s, of course, early going currently, but they’re currently beating our expectations in terms of how they’re doing. We continue to work on building out the channel and putting more investment in our direct-to-consumer offers," Cook said in a post-earnings call with investors.

The company’s quarterly revenue record comes amid a period of sustained growth in the country.

Apple’s primary revenue driver, the iPhone, has seen a steady increase in the number of units shipped in the past three years.

Data sourced by Mint from market researcher International Data Corp. (IDC) India projects iPhone shipments to reach 9 million units during 2023, reflecting a 40% growth from the 6.5 million units shipped in the previous year. Apple shipped around 4.5 million iPhones in 2021 and 2.7 million in 2020.

The decline in consumer sentiment globally has affected Apple’s June quarter earnings, with the company reporting quarterly revenue fell 1% to $81.8 million.

However, its earnings beat analysts’ estimates, who had projected Apple to report $81.69 billion in June quarter revenue. iPhone revenue dropped 2% YoY to $39.67 billion, while revenue from Mac and iPads fell 7% and 20%, respectively, to $6.84 billion and $5.79 billion.

However, in the overall weak quarter, Apple’s services vertical saw an 8% annual growth to $21.21 billion.