Apple’s CEO Tim Cook revealed during Q1 earnings call that the tech giant experienced robust double-digit growth in the December quarter in India. This growth catapulted the company to yet another quarter revenue record in the nation, according to Cook.
Despite India’s overall smartphone shipments maintaining a steady course at 152 million units in 2023, Apple managed to surpass the 10-million-unit milestone, securing the top position in revenue for the first time in a calendar year. The achievement is attributed to strategic moves, such as the launch of Apple’s retail stores and a heightened focus on large-format retail, coupled with enticing promotions. Also, higher trade-in values played a pivotal role, tempting consumers to make the transition to iOS.
During the call, Cook highlighted that the company also marked December quarter records in other regions, including Indonesia, Saudi Arabia and Chile.
During the earnings call, Luca Maestri, Apple’s CFO, highlighted Apple’s success in corporate adoption in India. Zoho, a leading SaaS technology company based in India, boasts over 15,000 employees globally, with 80 per cent of its workforce choosing iPhones for work and nearly two-thirds opting for Mac as their primary computer.
The financial results for the first quarter ended December 30 showcased Apple’s quarterly revenue reaching USD 119.6 billion, a 2 per cent year-over-year (YoY) increase. The company reported an unprecedented high of 2.2 billion active devices across all products and geographic segments.
Apple generated a substantial operating cash flow of nearly USD 40 billion during the quarter and returned almost USD 27 billion to shareholders.
