- Friday, May 02, 2025
The revenue of Apple from ‘Rest of Asia Pacific’ geography, which includes India, grew by $760 million in the June quarter
By: Shajil Kumar
IPHONE maker Apple has seen record revenue growth in India and over two dozen countries in the quarter ended on June 30, 2024, its CEO Tim Cook said on Friday.
Apple posted a 7.8 per cent growth in net income to $21.44 billion (£16.82bn) in the June quarter of 2024 compared with $19.8 bn (£15.53bn) in the year-ago period.
The company recorded 4.8 per cent growth in total net sales at $85.77 bn (£67.28bn) during the reported quarter from $81.79 bn (£64.15bn) in the June quarter of 2023.
“Apple is reporting a new June quarter revenue record of $85.8 billion (£67.36bn), up 5 per cent from a year ago and better than we had expected. We also set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand,” Apple CEO Tim Cook said during the company’s earning call.
The revenue of Apple from ‘Rest of Asia Pacific’ geography, which includes India, Indonesia, the Philippines, and Thailand, grew by $760 million (£596.13m)in the June quarter compared to the year-ago period.
Apple’s iPhone sales declined by about a per cent to $39.29 bn (£30.82bn) during the reported quarter from $39.66 bn (£31.11bn) a year ago.
Apple Mac sales grew 2.4 per cent to over $7 bn (£5.49bn) from $6.8 bn (£5.33bn) and iPad sales were up 24 per cent to $7.16 bn (£5.62bn) from $5.8 bn (£4.55bn) on a Y-o-Y basis.
“Mac generated $7 bn (£5.49bn)in revenue, up 2 per cent Y-o-Y, driven by the MacBook Air powered by the M3 chip. We saw particularly strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia,” Apple Chief Financial Officer Luca Maestri said.
He said Mac installed base reached an all-time high with half of MacBook Air customers in the quarter being new to Mac.
Apple’s Wearables, Home and Accessories sales declined about 2 per cent to $8 bn (£6.27bn) from $8.28 bn (£6.49bn) a year ago.
Recent incentives
India had recently decided to cut import duty by 5 per cent on mobile phones, chargers and some components that are used for manufacturing of handsets and market analyst feel this will benefit high-end players like Apple and Google as they import all their high-end models for sale in India.
The move is also expected to bring down the prices of handsets and boost sales.
A study by global research firm Counterpoint has shown that in the Indian market, there has been a rapid increase in upgrades to higher-value smartphones, supported by better trade-in values and easy financing schemes. This is expected to help Apple and other premium brands.
