Apple posted record India revenue in Q4 2023: Tim Cook
Apple chief executive Tim Cook said on Friday that the iPhone maker set a quarterly revenue record in India with a strong double-digit year-on-year growth in the July-September period, adding that the country is a major focus for Apple.
The United States-headquartered company reported revenue of $89.5 billion for the quarter to September, down less than 1% year-on-year, with iPhone sales contributing $43.8 billion.
Apple set record revenues for iPhones in India, among other emerging markets. Cook said iPhone revenue came in ahead of the company’s expectations, setting an “all-time record” in India, among quarterly records in other markets.
“It’s (India) an incredibly exciting market for us, and a major focus of ours.
We have a low share in a large market. And so it would seem that there’s a lot of headroom there,” Cook said during the post-earnings investor call held Friday.
Apple’s highest quarterly revenue in India comes on the back of strong iPhone sales in the July to September period.
The company recorded its highest ever quarterly shipments during the period, according to Counterpoint Research. Apple recorded 34% on-year growth experiencing a high growth phase in India.
The same period also marked the best quarter for Apple’s shipments in the country, which crossed 2.5 million units.
Cook said the average selling prices (ASPs) in India is lower than other geographies, but it does not bother Apple. Chief financing officer, Luca Maestri said that one of the things that has done well for the company’s margins is to “offer more affordable solutions to our customers in the form of installment plans, trade-in options, and low cost financing in general.”
“In terms of similarity, I would say each country has its own
