Apple CHIEF EXECUTIVE OFFICER Tim Cook Remains Bullish on India, Sets All- time Revenue Record, to Open 4 New Stores Soon

Last Updated: November 01, 2024, 11:44 IST

‘We remain to be thrilled by the excitement we’re seeing in India, where we established an all-time profits document,’ states Apple CHIEF EXECUTIVE OFFICER Tim Cook.

The most recent quarterly varieties of apple iphone manufacturer Apple revealed a considerable sales development in India throughout July-September 2024 and the business has actually established an all-time high profits in the nation. During an incomes phone call, Apple CHIEF EXECUTIVE OFFICER Tim Cook claimed he can not wait to bring 4 brand-new shops to clients in India.

Currently, Apple has 2 shops in India– one in Mumbai (BKC) and the various other in Delhi (Saket).

The business reported an over 6 percent development in complete internet sales to $94.93 billion throughout the noted duration from $89.49 billion a year back.

During the incomes phone call, the Apple chief executive officer claimed, “We additionally established September quarter section profits documents in the Americas, Europe, et cetera of Asia Pacific, in addition to in a lot of nations, consisting of the United States, Brazil, Mexico, France, the UK, Korea, Malaysia, Thailand, Saudi Arabia and the UAE, and we remain to be thrilled by the excitement we’re seeing in India, where we established an all-time profits document.”

In early October, Apple announced plans to open four more stores in India, located in Pune, Bengaluru, Delhi-NCR and Mumbai.

“We can’t wait to bring four new stores to customers in India,” he said.

According to a Counterpoint Research report, Apple iPhone sales accounted for 21.6 per cent of market share in value terms in the September 2024 quarter inIndia It trailed behind Samsung by a small margin.

Apple’s revenue from sales of products grew by 4.12 per cent during the reported quarter to $69.95 billion from $67.18 billion in the September 2023 quarter with iPhone sales growing by about 5.5 per cent to $46.22 billion from $43.8 billion on a year-on-year (YoY) basis.

The services sales grew faster than product sales at around 12 per cent on a YoY basis and reached an all-time high at $24.97 billion during the quarter from $22.31 billion in the September 2023 quarter.

The iPad sales of the company grew by about 8 per cent to $6.95 billion in the September 2024 quarter against $6.44 billion.

“iPad generated $7 billion in revenue, up 8 per cent year-over-year. In addition to growth in developed markets, we also saw strong performance in many emerging markets, with double-digit growth in Mexico, Brazil, the Middle East, India, and South Asia,” Apple Senior Vice President and Chief Financial Officer, Luca Maestri said.

Apple’s annual revenue grew by about 2 per cent to $391 billion in the financial year ended September 28, 2024, from $383 billion in the financial year 2023.

The annual product sales of Apple dropped by 2 per cent to $185.23 billion in FY24 from $189.28 billion in FY23 while services revenue grew marginally to $25.11 billion from $24.85 billion on a YoY basis.

While Apple recorded sales growth across geographies, its quarterly sales in China were almost flat during the quarter while annual sales declined by 8 per cent on a YoY basis.

In the product segment, annual sales of iPad dropped by about 6 per cent to $26.69 billion in FY24 from $28.3 billion in FY23.

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