Apple sets all-time revenue record in India: CEO Tim Cook

iPhone maker Apple has set an all-time revenue record in India and observed a double-digit growth in iPad sales in the country in the September 2024 quarter, senior officials of the company said on Friday.

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

"We also set September quarter segment revenue records in the Americas, Europe, and the rest of Asia Pacific, as well as in a large number of countries, including the United States, Brazil, Mexico, France, the UK, Korea, Malaysia, Thailand, Saudi Arabia and the UAE, and we continue to be excited by the enthusiasm we're seeing in India, where we set an all-time revenue record," Apple CEO Tim Cook said during the company's earnings call.

Cook said Apple also opened two new stores - one in Mumbai and the other in Delhi - in the country during the quarter.

"We can't wait to bring four new stores to customers in India," he said.

In early October, Apple announced plans to open four more stores in India, located 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 September 2024 quarter 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 $69.95 billion from $67.18 billion in the September 2023 quarter with iPhone sales growing by about 5.5 per cent to $46.22 billion from $43.8 billion on a year-on-year (YoY) basis.

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

The iPad sales of the company grew by about 8 per cent to $6.95 billion in the September 2024 quarter against $6.44 billion.

"iPad generated $7 billion in revenue, up 8 per cent year-over-year.

"In addition to growth in developed markets, we also saw strong performance in many emerging markets, with double-digit growth in Mexico, Brazil, the Middle East, India, and South Asia," Apple senior vice president and chief financial officer, Luca Maestri said.

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

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

While Apple recorded sales growth across geographies, its quarterly sales in China were almost flat during the quarter while annual sales declined by 8 per cent on a YoY basis.

In the product segment, annual sales of iPad dropped by about 6 per cent to $26.69 billion in FY24 from $28.3 billion in FY23.