Record iPhone revenue, robust growth in India highlight Apple's September quarter success

Apple has reported a strong double-digit growth in the December quarter in India, marking another quarter revenue record in the country. The company's CEO, Tim Cook, highlighted this achievement during the announcement of the financial results for its fiscal 2024 first quarter, which ended on December 30. The company posted quarterly revenue of $119.6 billion, a 2% increase year over year.

Apple's growth in India is part of a broader trend of record-breaking performances in several countries, including Indonesia, Saudi Arabia, and Chile. The company's CFO, Luca Maestri, also spotlighted the success of Zoho, a leading SaaS technology company based in India. Zoho offers its 15,000-plus global employees a choice of devices, with 80% of their workforce using iPhone for work and nearly two-thirds choosing Mac as their primary computer.

Apple's growth in India is particularly noteworthy given the overall flatness of the country's smartphone market. In 2023, India's smartphone shipments remained steady at 152 million units. However, Apple managed to surpass the 10-million-unit mark in shipments and captured the top position in revenue for the first time in a calendar year.

Apple's global performance

Apple's global performance was also strong. The company registered $69.7 billion in revenue for iPhones in the December quarter of 2023, a 6% growth year-over-year. The company set all-time records in several countries and regions, including Latin America, Western Europe, the Middle East, and Korea.

Apple's services revenue also set an all-time record of $23.1 billion, up 11% year-over-year. "We're very pleased with our services performance in both developed and emerging markets, with all-time revenue records in the Americas, Europe, and rest of Asia-Pacific," said Maestri.

Despite a 25% year-over-year decrease in iPad revenue, Apple's Mac generated revenue of $7.8 billion and returned to growth. The company attributed this success to the positive customer response to its latest iMac and MacBook Pro models powered by the M3 chips.

Apple Vision Pro and enterprise sector

Apple's future looks promising, with the upcoming launch of Apple Vision Pro generating strong excitement in the enterprise sector. Leading organizations across many industries, such as Walmart, Nike, Vanguard, Striker, Bloomberg, and SAP, have started leveraging and investing in Apple Vision Pro as a new platform to bring innovative spatial computing experiences to their customers and employees.

Apple's strong performance in the December quarter is a testament to its ability to adapt and thrive in a challenging global market. The company's commitment to innovation and customer satisfaction, coupled with its strategic investments and partnerships, positions it well for continued growth and success in the future.

Highlights

1. Apple reported strong double-digit growth in India, marking another quarter revenue record.
2. The company's growth in India is part of a broader trend of record-breaking performances in several countries.
3. Despite a steady smartphone market in India, Apple surpassed the 10-million-unit mark in shipments.
4. Luca highlighted Zoho, a leading technology company headquartered in India, offering its 15,000-plus global employees a choice of devices, with 80% of their workforce using iPhone for work and nearly two-thirds of them choosing Mac as their primary computer.
5. Responding to an analyst questions, Tim multiple times referenced that India grew in revenue terms, strong double digits in the December quarter and hit a quarter revenue record.
6. Apple's global performance was strong, with all-time records in several countries and regions.
7. The upcoming launch of Apple Vision Pro is generating strong excitement in the enterprise sector.