Apple Sets New Revenue Records in India and Other Emerging Markets
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On Fri, 2 Aug, 4:05 PM UTC
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Apple beats quarterly revenue record in India, Indonesia and these countries - Times of India
Apple CEO Tim Cook told investors during the company's earnings call that the company's June quarter revenue record is better than it had expected. He said that the company set quarterly revenue records in more than two dozen countries and regions, including India. "Apple is reporting a new June quarter revenue record of $85.8 billion, up 5% from a year ago, and better than we had expected... We also set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand," Cook said in the earnings call after the Q3 results were announced. "And we set an all-time revenue record in services, which grew 14%," he added. Echoing Cook, Luca Maestri, senior vice president and chief financial officer at Apple, said that Mac's revenue growth is also due to "strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia." Cook said Apple "excited about Apple Intelligence" Talking about Apple Intelligence - an AI-powered system that includes generative AI models and tools, Cook said that the company remains optimistic about the possibilities of AI. "During the quarter, we were excited to announce incredible updates to our software platforms at our Worldwide Developers Conference, including Apple Intelligence, a breakthrough personal intelligence system that puts powerful, private generative AI models at the core of iPhone, iPad, and Mac," Cook said. "We very much look forward to sharing these tools with our users, and we continue to invest significantly in the innovations that will enrich our customers' lives, while leading with the values that drive our work," he added. "With each innovation, we're unlocking new ways of working, new ways of learning, and new ways of tapping into the unlimited promise of human potential. We are doing that across every product and every service," Cook noted. The Apple CEO also explained that Apple Intelligence will be available on "pretty much all of the apps that you use every day", and "so there is been a deep level of thinking about how it affects those apps". The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.
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India drives Apple's growth, Mac sales reach June quarter record - Times of India
Apple reported quarter revenue records in India and other emerging markets, contributing to an overall better-than-expected June quarter. The iPhone maker announced a 5% year-over-year increase in quarterly revenue, reaching $85.8 billion for its fiscal 2024 third quarter ended June 29. Apple CEO Tim Cook highlighted the company's success in new territories during the earnings call."We set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand," Cook stated. Mac sales soar in India India emerged as a key growth driver, with Apple achieving a new June quarter revenue record in the country. The performance was particularly strong in the Mac segment, which saw a 2% year-over-year increase to $7 billion in global revenue. Apple CFO Luca Maestri emphasised the company's progress in emerging markets: "We saw particularly strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia." Maestri attributed this growth to the success of the MacBook Air powered by the M3 chip. Services hits high, iPhone sales at its modest The company's Services division also set an all-time revenue record, growing 14% to reach $24.21 billion. However, iPhone sales experienced a slight dip of 0.94% to $39.30 billion, which is typical for the third quarter as consumers anticipate the launch of new models. Despite challenges in the Wearables, Home, and Accessories category, which saw a 2.26% decline to $8.10 billion, Apple's overall performance in emerging markets like India signals strong growth potential in these regions. The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.
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Apple reports strong quarterly performance, with record-breaking revenue in India, Indonesia, and other emerging markets. The company sees significant growth in Mac sales and overall business expansion in these regions.
Apple's Record-Breaking Performance in Emerging Markets
Apple Inc. has achieved a significant milestone in its global expansion efforts, setting new quarterly revenue records in several emerging markets, including India and Indonesia 1. This remarkable performance underscores the tech giant's growing influence and success in these rapidly developing economies.
India: A Key Driver of Growth
India has emerged as a crucial market for Apple, playing a pivotal role in the company's recent success. The tech behemoth reported record-breaking revenue in the country during the June quarter, marking its best-ever performance in the region 2. This achievement is particularly noteworthy given India's status as the world's most populous country and its rapidly expanding consumer market.
Mac Sales Reach New Heights
One of the standout performers in Apple's product lineup has been the Mac. The company announced that Mac sales hit a June quarter record, with India being a significant contributor to this success 2. This surge in Mac popularity indicates a growing preference for Apple's computing solutions among Indian consumers and businesses alike.
Expansion in Other Emerging Markets
Apple's success story extends beyond India, with the company also setting new revenue records in Indonesia, Saudi Arabia, and Chile 1. This widespread growth across various emerging markets demonstrates Apple's ability to adapt its products and strategies to diverse consumer needs and preferences.
Factors Contributing to Success
Several factors have contributed to Apple's strong performance in these markets:
- Increased local manufacturing: Apple has been expanding its production capabilities in India, which has helped reduce costs and increase availability of its products 2.
- Retail expansion: The opening of Apple Stores in key locations has enhanced the brand's visibility and customer experience 2.
- Product diversification: Offering a range of products at various price points has allowed Apple to cater to different market segments.
Future Outlook
Apple's CEO, Tim Cook, expressed optimism about the company's future in these emerging markets, particularly in India. He stated that Apple is "putting increasing emphasis" on the region, signaling the company's commitment to further growth and investment in these markets 1.
As Apple continues to strengthen its presence in emerging economies, it is likely to face both opportunities and challenges. Factors such as local competition, regulatory environments, and economic conditions will play crucial roles in shaping the company's long-term success in these dynamic markets.
Reference
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[2]
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