New Delhi: Apple has reached an all-time high in revenue from India for the fourth quarter ending September 2024, according to CEO Tim Cook, who shared the update during the company’s Q4 earnings call. Cook expressed excitement over the brand’s growing popularity in India, attributing this milestone to Apple’s innovative lineup and expanded retail presence in the country.
Record-Breaking Quarter for Apple
Apple reported total revenue of $94.9 billion for Q4, a September quarter record, showing a 6% increase compared to the previous year. A significant driver of this growth was iPhone sales, which hit $46.2 billion for the quarter—a 6% rise year-on-year, with gains across all geographic segments. Services revenue also soared, reaching a record high with a 12% year-over-year increase, while Mac sales increased by 2%, totaling $7.7 billion. However, revenue from Wearables, Home, and Accessories saw a slight decline, down 3% to $9 billion.
Expansion in the Indian Market
Apple plans to enhance its footprint in India with four new stores set to open in Bengaluru, Pune, and the Delhi-NCR region. This builds on the momentum from the brand’s first two retail outlets launched in Mumbai and Delhi in 2023. Cook remarked on the excitement among customers worldwide for Apple’s innovations and expressed enthusiasm for bringing even more options to Indian consumers.
Growth and Market Position in India
Though Apple holds around 7% of India’s smartphone market share by volume, it ranks second in value share with a solid 22%, close to the leading South Korean competitor at 23%, as per Counterpoint Research.
iPhone Manufacturing and Export Growth
Apple’s iPhone exports from India increased by 33% between April and September 2024 compared to the same period last year, totaling $6 billion, mostly from its Foxconn facility in Tamil Nadu. This year also marked a milestone as Apple produced its entire iPhone 16 lineup, including premium models, in India, the first time such devices have been manufactured outside of China.
Tim Cook highlighted this as a year of groundbreaking innovation for Apple, noting the successful introduction of the Apple Vision Pro, which he described as “bringing tomorrow’s technology today.”
