Top India Takeaways From Apple's June Quarter Earnings
Apple Inc. posted its third straight quarter of declining sales on Friday, with revenues from sales of its two flagship products -- the iPhone and Macbook -- falling year-on-year on lower demand.
Apple's iPhone revenue came in at $39.7 billion for the quarter ended June, down 2% from the year-ago quarter's record performance. The world's most valuable company by market capitalisation recorded $6.8 billion in revenue from sales of Mac, down 7% year-over-year.
However, India stood out, with the Tim Cook-led company reporting a "strong double-digit growth" in iPhone sales in India to a "record high". However, the company didn't share exact numbers.
The "performance of the stores we opened in India this spring exceeded our initial expectations", said Chief Executive Officer Cook during the earnings call. "It's early going currently, but they're beating our expectations in terms of how they're doing," he said.
Apple has doubled down on India, both as a retail market and a manufacturing base. It opened stores in New Delhi and Mumbai in the June quarter. Apple could also move at least 18% of its global iPhone production to India by FY25, according to BofA Securities. "This is based on targets already committed by Apple's contract manufacturing firms under the PLI scheme,” the investment banker said in a report.
In an analyst call in May this year, he also termed India as being at a "tipping point."
"There are a lot of people coming into the middle class, and I really feel that India is at a tipping point. And the dynamism in the market. The vibrancy is unbelievable," he had said.
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