Apple Posts Record Revenue In India In Q3

SUMMARY

Apple CEO Tim Cook said that the company’s newly-opened retail stores in India beat the expectations

Apple sees a big opportunity in the Indian market and aims to further increase its investments in the country

Earlier this year, Apple opened two retail stores in India, while the country has also emerged as an important production base for the tech giant

Tech giant Apple said it reported record revenue in India in the quarter ended July 1, 2023 (Q3), with the company’s newly-opened retail stores in the country exceeding expectations.

Speaking in a post-earnings call, Apple CEO Tim Cook said that while the company’s retail stores in India are not very old, they beat the expectations. He said the company would invest more in India going ahead.

However, he also noted that the share of Apple in the Indian market is low and this provides a big opportunity for the company. “We still have a very, very modest and low share in this smartphone market, so I think it’s a huge opportunity for us. And we are putting in all of our energies to make that occur,” Cook said.

Overall, Apple posted a 1% year-on-year decline in its revenue during the quarter at $81.8 Bn.

Apple launched its first retail store in India in April this year, which was immediately followed by the launch of a store in Delhi.

India has emerged as an important market for India. While Apple sees a big market opportunity in India due to its low market share in one of the biggest phone markets in the world, India is also gaining importance as a manufacturing base for the company.

Days after the launch of its stores in the country, it was reported that Apple iPhone exports from India crossed INR 10,000 Cr mark.

The company is looking to increase its revenue in India by focusing on its retail stores.

It also plans to launch two more retail stores by 2026 in the country.