The India business of Apple Inc reported the highest December-quarter topline with a robust double-digit growth, riding on increased iPhone sales and higher enterprise adoption of its products.
“Emerging markets have been a very key area of strength for us. You know, if you look at it, India grew in revenue terms, strong double digits in the December quarter and hit a quarter revenue record,” Apple CEO Tim Cook said in the Q1 earnings calls. “And that theme has been pretty consistent across other quarters of the year as well. And so, emerging markets (are) very, very important. And I feel like we are doing a great job there."
Cook said Apple achieved revenue records across over two dozen countries and regions, including records in Europe and the rest of Asia Pacific. “We also continue to see strong double-digit growth in many emerging markets, with all-time records in Malaysia, Mexico, the Philippines, Poland, and Turkey, as well as December quarter records in India, Indonesia, Saudi Arabia, and Chile.”
Apple has posted a quarterly revenue of $119.6 billion, up 2 percent on-year with Cook attributing this revenue growth to “iPhone sales, and an all-time revenue record in services".
Apple CFO Luca Maestri also revealed during the earnings call that 80 percent of Zoho’s 15,000-plus global workforce uses the iPhone for work, and nearly two-thirds use the Mac as their primary computer.
Analysts have attributed Apple's strong growth to the robust demand for its latest and older iPhone models. This is mainly due to Apple's aggressive marketing strategies, which include consumer financing, trade-ins and discounts.
Apple shipped over 10 million iPhones in 2023, up from 6 million in 2022, securing the top revenue position for the year, pipping its Korean rival Samsung, Counterpoint Research said in its report on January 31.
The tech giant accounted for 23 percent of smartphone revenue share in 2023, surpassing Samsung's 21 percent slice of the pie. In 2022, Samsung held the top spot with a 22 percent smartphone revenue share, while Apple had 17 percent, data accessed by Moneycontrol showed.
The average selling price (ASP) for Apple iPhones stood at $981 in 2023, the highest in the market compared to Samsung's $350 ASP, as per the Counterpoint data.
“Apple’s focus on India is also aiding the trend, with the brand surpassing the 10-million-unit mark in shipments and capturing the top position in revenue in a calendar year for the first time, propelled by robust demand for both its latest and older iPhones,” Counterpoint research analyst Shubham Singh said.
Opening its own retail stores and increasing its focus on LFR (large-format retail) through regular promotions contributed to increased offline shipments, according to Singh. “Besides, higher trade-in values presented an appealing proposition for consumers to transition to iOS.”
CMR India said that iPhone shipments grew 28 percent in 2023 as Apple cornered a 6 percent market share. In the fourth quarter of 2023 alone, iPhone shipments saw a 7 percent growth in India.
Apple produced iPhones worth over Rs 1 lakh crore in India last year, having ramped up the output sharply from the year before. Out of this, made-in-India iPhones worth Rs 65,000 crore were exported from January to December.
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