However, costly iPhones and Macs, combined with weak enterprise partnerships crimping deals with firms for its laptops pose near-term risks to the US-based company that aims to produce a quarter of its iPhones in India by 2025.
Early on Friday, Apple announced its December quarter earnings. Overall revenue beat analyst estimates to reach $119.6 billion-a 2% year-onyear (YoY) growth, marking a seventh straight quarter of record revenues. Growth was led by a rise in sales of its iPhones, but Apple also said that revenue set a quarterly overall record-suggesting that sales of its Mac portfolio of laptops, too, have at least remained consistent.
Apple India's FY23 financial report filed with the registrar of companies (RoC) pegged its overall revenue at $5.9 billion.
Since then, its iPhone sales were estimated to have grown by over 50%. Given that Apple has reported consecutive quarterly revenue records for India through all of 2023, Apple's revenue in FY24 in India may rise by nearly 70% over the previous financial year.
To be sure, Apple is estimated to have ended 2023 on a record note in terms of its smartphone sales. On 30 January, Mint reported citing data from market researcher Counterpoint India that Apple saw its local revenue reach close to $10 billion in FY24, and also crossed the 10-million-units mark in terms of shipments. In smartphones, Apple held a 6.6% market share in India at the end of 2023.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
7 myths about ADHD and how to handle it
Some adults with ADHD are misdiagnosed as having anxiety or depression as myths prevail even in the medical community
Why women bear the brunt of misdiagnosis
Girls are half as likely as boys to be diagnosed correctly as having ADHD, show studies
At these international marathons, it's ready, steady, swig
Can running and drinking go together? From France to Scotland, here are five races where running is a merry party
Indian IT firms should brace for Trump's second term
Restrictive visa, trade and other policies under Trump 2.0 may force a review of their US-centric business models
Freebies don't offer a long-term solution but let us not ban them
Keeping citizens dependent on handouts is not fiscally sustainable. India needs a transparent framework to regulate them
Is Nvidia's chief dreaming of selling us R2-D2-like robots?
It may turn out to be a good bet if the chip-maker keeps its risks low
Two ways the EPFO can get itself an image boost
India's state-run retirement fund would do itself a favour by resolving its high level of claim rejections and speeding up interest payments. Its digital makeover should signal efficiency
Forex card vs debit card: How to lower cross-border markup fees
Unlike debit cards, forex cards are not linked to your bank account, limiting your exposure to fraud and theft
India must reassess its rejection of the RCEP trade bloc
Joining it can work in our favour as global trade barriers get reshaped and value chains are forged
Armed hostility between Israel and Iran is very likely to escalate
Israel senses a high-risk high-return chance to reshape West Asia that Trump might green-light
