Apple Hits Record Revenue in India Amid Global Growth
- Apple achieved an all-time revenue record in India during the September quarter.
- Strong demand for Mac products and iPhone upgrades drove growth in the Indian market.
- Global revenue reached a record $114.5 billion, marking a 12% year-on-year increase.
Apple achieved an all-time revenue record in India during the September quarter, according to reports from Upstox, Fortune India, and Moneycontrol. This performance occurred as the company set September quarter records in both developed and emerging markets.
CEO John Ternus, who presided over his first earnings call in the role on Monday, confirmed the record-breaking figures for the country.
Mac demand and iPhone upgrades fuel local growth
Growth in the Indian market was driven by strong demand for Mac products and a high volume of iPhone upgrades. India was identified as one of the markets with the highest-ever number of iPhone upgraders.
Apple reached a record high of more than 1.5 billion paid subscriptions globally during the September quarter.
Apple Pay launches in India via Axis Bank
This expansion aims to grow the company's presence in the country's payments market.
Global revenue reaches $114.5 billion
Net profit for the September quarter was $30.7 billion, which is a 12% increase.
Global Mac revenue for the September quarter stood at $10.8 billion.
For the full fiscal year, Apple reported revenue of $478.8 billion, a 15% increase. Earnings per share grew 20% to $8.98 for the full fiscal year.
iPhone and services revenue hit record highs
Global iPhone revenue reached $57.6 billion, a 17% increase from the previous year, according to upstox.com and fortuneindia.com. This growth occurred despite supply constraints and foreign exchange headwinds. Mac revenue reached $10.8 billion.
The services group in China reached an all-time high in the September quarter, though the performance fell short of the average of analyst estimates.
Memory costs drive price hikes and supply constraints
These costs are expected to rise further beyond the December quarter.
In China, Apple delayed increasing iPhone prices until September, while rivals Xiaomi Corp. and Huawei Technologies Co. raised their prices earlier. CEO John Ternus stated that the company's installed base of active devices in China reached an all-time high.
The iPhone Duo, Apple's first foldable phone, is currently supply-constrained. COO Sabih Khan said the company is working to increase production but cannot predict when supply will meet demand. Regarding reports of display problems or cracks in the iPhone Duo, CEO John Ternus told Reuters that a "very small percentage" of devices were returned and are being replaced.
Apple projects 7% to 10% growth for December quarter
This period may set a new company record.
The company forecasts a gross margin of 45% to 46%. Apple plans to spend between $20.4 billion and $20.8 billion in operating expenses during the December quarter, including costs for the development and rollout of AI capabilities.
Shares fall 3% on margin concerns
Apple shares fell more than 3% in extended trading following the earnings report. Investors reacted to the company's margin outlook.
Frequently Asked Questions
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