2024-11-01 17:39:08 :
From July to September 2023, Apple’s revenue in India is expected to be US$2.5 billion. The US-based company posted record revenue in India, helped by strong sales of iPhones and iPad tablets. Apple is now expected to lead the Indian consumer electronics market in terms of revenue share, with sales of its Mac desktop and laptop range not far behind.
Excited by passion: Tim Cook
“We continue to be excited about the enthusiasm we’re seeing in India, where we set all-time revenue records. We also opened two new stores during the quarter, and we can’t wait to bring four new stores to Indian customers.” CEO Tim Cook said during a conference call with investors at Apple headquarters in Cupertino, California.
The company reported quarterly earnings on Thursday afternoon US time (early Friday morning India time).
To be sure, this revenue is based on sales of Apple’s products and services in India and does not take into account the export of its devices from India’s assembly lines.
Apple’s revenue from July to September also hit a record quarterly high.
Apple Chief Financial Officer Luca Maestri said the company saw double-digit growth in iPad sales, with revenue reaching $7 billion in the September quarter. Apple’s global quarterly revenue was US$94.9 billion, of which US$70 billion came from hardware sales. Two-thirds of that was contributed by the iPhone, which brought in $46.7 billion thanks to early demand for the latest smartphone, the iPhone 16.
Apple’s performance in India remains strong, helped by discretionary upgrades to its smartphone lineup, which remains aspirational for most buyers in the country. Analysts say the average cost of iPhone ownership in India has fallen significantly and is on par with iPhones in other regions, thanks to instant discounts on strategic models, exchange offers, the rise of organized second-hand device markets and easy access to credit through financing schemes. Smartphone.
All of this helped Apple expand quarterly revenue to $3.75 to $400 million, according to estimates from three market research firms compiled by Mint. Each researcher spoke on condition of anonymity because the final quarterly report has not yet been released.
In September this year, Mint reported that Apple’s iPhone shipments are expected to achieve double-digit growth. Navkendar Singh, vice president of market research firm IDC India, said: “Demand for iPhone is likely to continue at least for the time being, with strong double-digit growth expected this year. Market demand is currently strong, which gives Apple more room to announce future Consecutive quarters of record revenue.”
An industry report from market researcher Counterpoint further highlighted that Apple also had a strong holiday season, making it the second-largest smartphone brand in the September quarter, behind Samsung.
India’s consumer electronics market is estimated to be worth $62 billion in fiscal 2024, according to estimates from three market research firms Mint spoke to, with Samsung holding an 18.5% market share in terms of revenue, ahead of Apple’s 15.3%.
By the end of FY25, the balance is expected to tip in Apple’s favor: while the market could be worth $70 billion by March 2025, Apple is expected to capture 21.4% of the market, compared to Samsung’s 19.3%. Rising demand for high-end devices has helped both brands, but Apple’s continued growth and average selling price per product, which is about 2.5 times that of Samsung, have helped American brands more than Korean ones.
In addition to iPhone sales, Apple is also seeing an increase in enterprise PC (personal computer) transactions and the rise of the iPad category based on demand for larger infotainment displays. In August this year, Canalys research analyst Ashweej Aithal told Mint that with pricing leverage between high-end Windows and Apple PCs lower than ever, the market base for Apple’s Macs and iPads is higher than ever.
The iPhone is expected to bring in nearly $11 billion in sales for Apple India this fiscal year, with Macs, iPads, wearables and services likely to bring in another $400-600 million in sales, taking the company towards the top in India. New annual revenue milestone. This is expressed by the consensus estimates of the above researchers.
However, while India remains one of Apple’s most important sales and strategic regions, the company’s reaction on Wall Street was muted after the company beat most analysts’ expectations in the quarter. Bloomberg reported that while Apple had a solid September quarter, investors were disappointed with weak December quarter growth guidance given during an investor conference call on Thursday, particularly due to weak iPhone demand in China. Affected by this, Apple’s stock price closed down 1.8% at $225.91 on Thursday, and fell another 1.9% at $221.71 in after-hours trading.
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