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Apple reports record-breaking revenue growth in India

June quarter results show 7.8 per cent rise in net income and 4.8 per cent increase in sales

Apple reports record-breaking revenue growth in India
Eastern Eye
By Eastern EyeAug 02, 2024

APPLE, the maker of the iPhone, experienced record revenue growth in India and more than two dozen other countries during the quarter ending on June 30, 2024, according to CEO Tim Cook's announcement on Friday (2).

In the June 2024 quarter, Apple reported a 7.8 per cent increase in net income, reaching $21.44 billion (£16.82bn), compared to $19.8bn (£15,53bn) in the same period last year.

The company's total net sales grew by 4.8 per cent, amounting to $85.77bn (£67.29bn), up from $81.79bn (£64,11bn) in the June quarter of 2023.

"Apple is reporting a new June quarter revenue record of $85.8bn (£67,25bn), up 5 per cent from a year ago and better than we had expected. We also 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," Apple CEO Tim Cook said during the company's earning call.  

The revenue of Apple from 'Rest of Asia Pacific' geography, which includes India, Indonesia, the Philippines, and Thailand, grew by $760 million (£595.63m) in the June quarter compared to the year-ago period.       

Apple's iPhone sales declined by about a per cent to $39.29bn (£30.79bn) during the reported quarter from $39.66bn (£31,08bn) a year ago.  

Apple Mac sales grew 2.4 per cent to over 7 billion from $6.8bn (£5.32bn) and iPad sales were up 24 per cent to $7.16bn (£5,61bn) from $5.8bn (£4.54bn) on a YoY basis. 

"Mac generated $7bn (£5.48bn) in revenue, up 2 per cent YoY, driven by the MacBook Air powered by the M3 chip. We saw particularly strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia," Apple Chief Financial Officer Luca Maestri said.   

He said Mac installed base reached an all-time high with half of MacBook Air customers in the quarter being new to Mac.        

Apple's Wearables, Home and Accessories sales declined about 2 per cent to $8bn (£6.26bn) from $8.28bn (£6.48bn) a year ago. (PTI)

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