This story was first published in the Benzinga India portal.
Apple Inc. AAPL has reached an impressive benchmark in India, making a significant contribution to the company's worldwide quarterly revenue of $119.6 billion. This is a 2% increase compared to the prior year. The company's CEO Tim Cook spotlighted Apple's strong double-digit growth in the Indian market, which has achieved an all-time high quarter in revenue.
What's the story? Apple's exceptional performance in India is part of a broader successful narrative spanning diverse geographical markets, leading to an active device base of over 2.2 billion. This growth is largely driven by the high demand for iPhones and record-breaking revenue in Apple’s Services segment.
In the context of India, Apple’s growth is exceptionally significant. The December quarter saw Apple setting a new revenue record, demonstrating a consistent growth trend throughout the year. This development in the Indian market plays a crucial role in Apple’s overall success in emerging markets.
Luca Maestri, Apple's CFO, stressed the global enterprise adoption of Apple products, using major Indian tech firm Zoho as an illustration. Zoho offers its more than 15,000 global employees a choice of Apple devices, with the majority choosing iPhones and Macs.
Despite an overall stagnant trend in India's smartphone shipments in 2023, Apple excelled by exceeding 10 million units in shipments. This achievement can be partly attributed to Apple's strategic focus on offline sales via its retail stores and large-scale retail promotions. In addition, attractive trade-in deals have made the switch to iOS a more enticing option for Indian consumers.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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