Apple India Q3 Revenue Hits Record High On Strong iPhone Sales: Tim Cook

iPhone maker Apple's revenue grew in double-digits and hit a new record in December 2023 quarter on strong iPhone sales, a top official of the company said on Friday. "India grew in revenue terms, grew strong double-digits in the December quarter and hit a revenue record," Apple CEO Tim Cook said during Apple's earnings call.

Apple posted quarterly revenue of USD 119.6 billion, up 2 per cent year-over-year, and its installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. The company's revenue from iPhone grew by about 6 per cent to USD 69.7 billion in the reported quarter, from USD 65.77 billion.

The company saw all-time high revenues in other emerging markets as well including Malaysia, Mexico, the Philippines, Poland and Turkey, Indonesia, Saudi Arabia etc, Cook added. According to market research firm Counterpoint Research, Apple led the India market with highest revenue in 2023 for the first time, while Samsung topped the chart in terms of volume sales.

The firm in its recent report said Apple surpassed the 10-million-unit mark in shipments and captured the top position in revenue in a calendar year for the first time. Sales of iPad declined by about 25 per cent to around USD 7 billion in December 2023 quarter. Wearable, home and accessories segment of Apple declined by close to 11 per cent to USD 11.95 billion in the reported quarter, from USD 13.48 billion in the year-ago period. Sales of Mac PCs remained almost flat at USD 7.7 billion on a year-over-year basis.

The services revenue of Apple increased by 11.3 per cent to USD 23.11 billion in the December 2023 quarter, from USD 20.76 billion a year ago. For the year ended September 30, 2023, Apple net income declined by 2.8 per cent to USD 96.99 billion, from USD 99.8 billion in the year-ago period. The annual revenue of the iPhone maker also declined by 2.8 per cent to 383.28 billion in the fiscal year ended September 30, 2023 from USD 394.32 billion in FY 2022.

The annual iPhone sales declined by 2.3 per cent to USD 200.5 billion during the reported year, from USD 205.48 billion in previous fiscal. Annual sales of Mac PCs declined by about 27 per cent to USD 29.35 billion, from USD 40.17 billion and iPad by 3.3 per cent to USD 28.3 billion on a year-over-year basis. Apple's Wearables, home and accessories annual sales also fell by 3.3 per cent to USD 39.84 billion, from USD 41.24 billion a year ago. The services revenue of Apple increased by 9 per cent to USD 85.2 billion in FY'23, from USD 78.12 billion in FY'22.

(PTI)