During the earnings call, Apple CEO Tim Cook shared positive financial insights, mentioning that the company achieved all-time records in numerous countries and regions. Notable regions include Latin America, Western Europe, the Middle East, and Korea. Furthermore, Cook highlighted specific quarter records set in key markets like India and Indonesia.
In the December quarter, Apple’s business in India experienced robust double-digit growth, reaching a new record in quarterly revenue. The success is attributed to the strong performance of the latest iPhone 15 series, contributing to approximately 45% of the market share during this period. Additionally, Indian companies such as Zoho and Wipro have been actively providing Apple products to their workforce, contributing to the overall growth and adoption of Apple devices in the Indian market.
In the ever-evolving landscape of India’s smartphone market, the iPhone has become the sought-after choice for a significant number of consumers. Notably, even prominent enterprises like Zoho are increasingly favoring Apple’s diverse product lineup. A striking example is Zoho, where an impressive 80% of its 15,000 global workforce relies on iPhones. This dual surge in both individual and enterprise demand has propelled Apple’s India business to achieve yet another record-breaking performance in the September-December quarter.
In the earnings call, Apple CEO Tim Cook emphasized the remarkable performance of Apple in India, stating, “India grew in revenue terms, [in] strong double digits in the December quarter and hit a quarter revenue record.”
Despite the dominance of entry-level and mid-segment smartphones in India’s overall market, Apple’s iPhones are experiencing a significant surge in shipments. In the latest quarter, the iPhone 15 series has emerged as the most coveted, holding a substantial 45% market share. The iPhone 14 series closely follows, capturing 33% of the market, while the remaining 21% is attributed to the iPhone 13 series.
This shift in adoption patterns indicates a notable trend among Indian consumers, showcasing a strong inclination towards embracing the latest Apple offerings and shaping the evolving landscape of smartphones in the country.
Fueled by the highly anticipated iPhone 15 series launch and the festive spirit surrounding Diwali, Apple saw a noteworthy 7% year-on-year growth in iPhone sales for the September-December quarter. The strategic deployment of discount offers across both offline and online retail channels played a key role in enhancing the brand’s market presence. This exceptional performance propelled Apple to the 6th position in Cyber Media Research’s Mobile ranking for the same quarter.
On a global scale, Apple’s iPhone revenue reached $69.7 billion, reflecting a 6% year-over-year increase. Apple achieved all-time records in various countries and regions, including Latin America, Western Europe, the Middle East, and Korea. Additionally, the company set December quarter records in India and Indonesia, as highlighted by Apple CEO Tim Cook.
In 2023, Apple’s iPhone shipments in India surged to over 10 million, a significant increase from the 6 million recorded in 2022, according to Counterpoint Research.
Enterprise adoption is playing a pivotal role in Apple’s growth in India. Major companies like Target and Wipro are actively incorporating Apple products into their operations. For instance, Wipro invested in MacBook Air as a competitive advantage in recruitment, while Zoho, a leading Indian technology company, embraced Apple products, with 80% of its 15,000-plus global employees using iPhones for work and a majority choosing Mac as their primary computer.
Globally, Apple reported quarterly revenue of $119.6 billion for the September-December 2023 quarter, marking a 2% year-over-year increase. This robust performance underscores Apple’s success both in the Indian market and on a global scale.
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