- ALSO READ
In the September quarter, Apple Inc. announced record India revenue because of increased sales of smartphones, laptops, and iPads in the country, reported Livemint.
According to analysts, Apple is steadily gaining market share in the laptop industry, especially in the enterprise segment. The good news for Apple is that iPads, MacBooks, and services drove growth in India, indicating that the company is expanding its presence in the country.
Thanks to the increase in iPhone users last year, Apple began the year with its highest-ever installed user base in India. It has now managed to expand the market for its other products, according to Tarun Pathak, research director at Counterpoint India. He said, “Given that the iPhone is the typical entry point for Apple’s users in India, this has started trickling down to other categories for the company as well—such as Macs, iPads and services.”
Overall, the most valuable company in the world outperformed experts' forecasts for quarterly revenues and profits even as its big competitors, Meta, Alphabet, and Microsoft, let investors down.
On Thursday, Apple announced record quarterly revenue of $90.1 billion. India has experienced "extremely significant double-digit growth," according to chief executive Tim Cook, and the country has achieved "a new all-time sales record" for the company, according to Chief Financial Officer Luca Maestri.
Cook said that Apple's India unit had also recorded record quarterly sales in the June quarter. It is true that Apple has continuously reported good success in India over the past two years, he said. In India, the company dominates the market for high-end smartphones. Apple enjoyed a 44 per cent market share for high-end smartphones (priced over Rs 30,000), but that share declined to 37 per cent in the first half of the year due to waning consumer demand.
Operating income of Apple India Pvt. Ltd. increased by 46 per cent to Rs 33,312.9 crore in the fiscal year that ended on March 31. Net profit, however, increased 3 per cent to Rs. 1,263 crore
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Sat, October 29 2022. 11:07 IST