Apple Achieves Record Revenue in India, Eyes Major Retail Expansion

Tim Cook, the CEO of Apple Inc., added that in the fourth quarter which ended in September the primary revenue contributor for the company was India and that was fueled by the sales of iPhones. This drives the expansion plans by Apple in the Indian market, which is relatively small but very fast-growing for the company. 

“India continues to be a pleasant surprise for me as we have registered all-time high revenues there,” said Cook. There was a healthy contribution from other device segments in Apple’s success in India and it was not limited to the iPhone, the iPad too recorded a growth in double digits, indicating the appreciation towards the entire portfolio of products that Apple has to offer in that region. 

Apple intends to increase its retail presence in India with the opening of four additional stores in prime cities, on top of the Apple BKC in Mumbai and Apple Saket in New Delhi, which are already operating. The new stores are most likely to open in cities like, Bengaluru, Pune, Mumbai, and Delhi-NCR which will highly improve Apple’s reach and brand establishment in the country. 

Worldwide, Apple registered an increase in revenues in all regions with significant growth recorded in the Americas, Europe, and Asia Pacific. Record revenues were also experienced in markets like the U.S., Brazil, France, South Korea, and UAE. The iPhone 16, which was launched at the close quarter on September 28, led the growth with sales rising by 5.5% to $46.22 billion, beating Wall Street predictions that stood at $45.47 billion. 

For the reporting period, Apples revenue for the quarter was put at $94.93 and this represented a 6 percent year on year growth which was also higher than what Wall Street had projected at 94.58billion. Earnings were posted at 1.64 per share even with a weaker than anticipated performance in China. China’s sales, an important market for Apple, came a tad lower than predicted, specifically, due to the iPhone 16 which prevented the drop-in revenue from that region to falling below 1%. 

In India, apples market share by volume stands at around 7% but it enjoys a 22% value share coming second to a South Korean company at 23%. Between April and September 2024, iPhone exports from India increased by 33 percent, boosted by the company’s manufacturing partner, Foxconn, based in Tamil Nadu. Also, this year, Apple for the first time manufactured all of the iPhone 16 series in India, premium models being produced outside of China for the first time. 

All these seem to have worked to Apples advantage in Q4, revealing its success in adjusting manufacturing, expanding retail, and embracing AI as a part of its operations which fosters continued growth in the Indian market.