Apple sets all-time revenue record in India with double digit growth in iPad sales

iPhone maker Apple has set an all-time revenue record in India with a double-digit growth in iPad sales in the September 2024 quarter, Apple CEO Tim Cook said on Friday (November 1).

The American company reported an over 6 per cent growth in total net sales to USD 94.93 billion during the period, up from USD 89.49 billion a year ago.

The September quarter segment also saw revenue records in America, Europe and the rest of Asia Pacific besides many countries including the United States, Brazil, Mexico, France, the UK, South Korea, Malaysia, Thailand, Saudi Arabia and the UAE.

Also read: Apple iPhone exports from India zoom, thanks to subsidies

New stores in Mumbai, Delhi

“We continue to be excited by the enthusiasm we're seeing in India, where we set an all-time revenue record," Cook said during Apple’s earnings call.

Apple opened two new stores - one each in Mumbai and Delhi – during the quarter. It plans to open four more stores in the country: in Pune, Bengaluru, Delhi-NCR and Mumbai.

According to a Counterpoint Research report, Apple iPhone sales accounted for 21.6 per cent of market share in value terms in the quarter ending in September 2024 in India. 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 USD 69.95 billion, from USD 67.18 billion in the September 2023 quarter.

Growth in service sales

iPhone sales grew by about 5.5 per cent to USD 46.22 billion, from USD 43.8 billion on a year-on-year (YoY) basis.

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

The iPad sales rose by about 8 per cent to USD 6.95 billion, up from USD 6.44 billion.

iPad generated USD 7 billion in revenue, up by 8 per cent year-over-year.

Also read: Apple set to unveil iPhone 16 with cutting-edge features and AI

Emerging markets

According to Apple senior vice president and chief financial officer Luca Maestri, the company also performed strongly in many emerging markets. Mexico, Brazil, the Middle East, India and South Asia recorded double-digit growth.

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

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

But Apple’s quarterly sales in China were almost flat during the quarter while annual sales declined by 8 per cent on a YoY basis.