Apple's Remarkable Surge: December Quarter Records Highest Revenue in India and Emerging

Apple's India revenue skyrocketed in Q4 2023, reaching a record USD 119.6 billion, fueled by robust iPhone sales. CEO Tim Cook highlighted the global success, with India leading, and a total active device base surpassing 2.2 billion. Despite annual declines in some segments, service revenue notably increased by 9% in FY'23.

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In a groundbreaking development, Apple's revenue in India soared to unprecedented heights during the December 2023 quarter, setting a record, primarily propelled by robust iPhone sales, as stated by Apple CEO Tim Cook. The tech giant posted a staggering quarterly revenue of USD 119.6 billion, registering a noteworthy 2% year-over-year increase.

Tim Cook enthusiastically revealed during Apple's earnings call, "India grew in revenue terms, grew strong double-digits in the December quarter, and hit a revenue record." The surge in revenue from iPhones specifically played a pivotal role, witnessing a remarkable 6% growth and reaching an impressive USD 69.7 billion. Notably, Apple's active device base achieved an all-time high, surpassing 2.2 billion.

This remarkable success extended beyond India, with Apple reporting record revenues in several other emerging markets, including Malaysia, Mexico, the Philippines, Poland, Turkey, Indonesia, and Saudi Arabia. According to Counterpoint Research, Apple solidified its dominance in the Indian market, surpassing 10 million units in shipments during 2023.

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While iPhone and service revenues experienced positive growth, certain segments faced fluctuations. iPad sales, for instance, witnessed a decline of approximately 25%, settling at around USD 7 billion in the December 2023 quarter. The Wearable, Home, and Accessories segment also experienced an almost 11% decrease, amounting to USD 11.95 billion. Conversely, Mac PC sales remained relatively stable at USD 7.7 billion.

Looking at the broader picture, Apple's net income for the fiscal year ending September 30, 2023, decreased by 2.8% to USD 96.99 billion. Annual revenue also saw a 2.8% decline, reaching USD 383.28 billion, with iPhone sales dipping by 2.3% to USD 200.5 billion. Annual declines were observed in Mac PC, iPad, and Wearables, Home, and Accessories segments. However, service revenue witnessed a positive trajectory, marking a significant 9% increase to USD 85.2 billion in FY23.