Record Breaking Q3 Growth In India: Apple CEO Tim Cook

SUMMARY

Tech giant Apple set a new June quarter revenue record in India, driven by robust sales of MacBooks, according to top executives

Apple CFO Luca Maestri said the company set a new June quarter revenue record for Mac in Latin America, India and South Asia

Apple posted a 5% year-on-year jump in its revenue at $85.8 Bn for the fiscal 2024 third quarter ended June 29

Tech giant Apple set a new June quarter revenue record in India, driven by robust sales of Macbooks, according to top executives.

“We […] 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 firm’s Q3 FY24 earnings call.

Apple posted a 5% year-on-year jump in its revenue at $85.8 Bn for the fiscal 2024 third quarter ended June 29.

Apple CFO Luca Maestri emphasised that the tech giant witnessed strong performance in emerging markets, setting a new June quarter revenue record for Mac in Latin America, India and South Asia.

“Mac generated $7 Bn in revenue, up 2% year-over-year, driven by the MacBook Air powered by the M3 chip,” Maestri said.

This comes after Apple Inc’s annual sales in India jumped to a record high of nearly $8 Bn with the iPhone maker rapidly expanding its production in the country.

According to media reports, revenue in India soared nearly 33% over the 12 months ending in March, up from $6 Bn the previous year, with iPhones accounting for more than half of the sales.

In April, Apple’s two India-based company-owned outlets each reported revenue of INR 190-210 Cr in the fiscal year ended March 31, 2024 (FY24), emerging as the top-performing retail outlets of the iPhone maker globally.

Apple is also reportedly looking to start manufacturing iPhone Pro and Pro Max models in the country, starting with iPhone 16 series, as early as this fiscal year, with Foxconn handling the production.

Beyond iPhones, Apple is also mulling over manufacturing another flagship device iPad through Foxconn.

The tech giant also intends to begin AirPods production in India early next year, with efforts to boost production of components for AirPod wireless charging cases through US-based contract manufacturer Jabil in Pune.

Apple aims to manufacture 25% of all its iPhones in India over the next 3-4 years, up from the current 14%.