Apple's CEO Tim Cook announced that the company achieved record-breaking June quarter results in India, driven by strong iPhone sales. The performance of Apple's new retail stores in Mumbai and Delhi, which opened in April this year, exceeded expectations and garnered significant enthusiasm. Cook emphasized India's potential as the second-largest smartphone market globally and expressed satisfaction with their strong double-digit growth in the country. While Apple holds a modest share of the Indian smartphone market, they see it as a huge opportunity and are committed to expanding their presence.
In the April-June period, Apple experienced a massive 61% YoY growth in India, with the country now among their top 5 global markets. The average selling price (ASP) for iPhones was $929, and the company led the ultra-premium segment (devices priced above Rs 45,000). Apple's local manufacturing also achieved record-breaking success, with iPhone exports reaching Rs 10,000 crore in May, contributing to total mobile shipments of Rs 12,000 crore that month. The company aims to contribute significantly to India's mobile phone exports, with expectations to cross Rs 1,20,000 crore in the current fiscal year.
Luca Maestri, Apple's CFO, highlighted an all-time revenue record for iPhone in India during the June quarter. Additionally, the company reported setting a record for Services revenue, driven by over 1 billion paid subscriptions and continued strength in emerging markets.
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Apple's commitment to India extends beyond sales, as the company joined the global non-profit Acumen in an initiative to improve livelihoods through clean energy innovation. With robust performance and a strong operating cash flow of $26 billion, Apple remains dedicated to its long-term growth plans and shareholder returns.
Inputs from IANS
