Apple India set new quarterly revenue record, to open 4 more stores soon: Tim Cook

On Thursday (January 30), Apple announced financial results for its fiscal 2025 first quarter, with an all-time quarterly revenue record of $124.3 billion, which is up four percent year-over-year.

Despite the iPhone market share dip in mainland China, Apple has beaten market expectations thanks to strong growth in emerging markets.

Further, other sources of revenue for Apple such as Services, Mac and iPad, helped Apple register overall growth. Quarterly revenue from the Services touched an all-time high of $26.3 billion, up 14% year over year. The Mac reportedly generated $9 billion in revenue, up 16% year over the last year.

The iPad revenue was $8.1 billion, up 15% compared to the previous year. While Wearables, Home and Accessories did okay with $11.7 billion in revenue.

The iPhone continues to be Apple's biggest cash cow with revenue coming in at $69.1 billion, reaching an all-time record in dozens of markets and regions including India.

"We have great results in a number of emerging markets, and as you know from past calls, (we are) particularly keen on India. India set a December-quarter record during the quarter, and we’re opening more stores there, we’ve announced that we’re going to open four new stores there. The iPhone was the top selling model in India for the quarter, and it’s the second largest smartphone market in the world and the third largest for PCs and tablets, and so there’s a huge market, and we have very modest share in these markets, and so I think there’s lots of upside there, and that’s just one of the emerging markets," said Tim Cook, CEO, Apple.

File Photo: Apple CEO Tim Cook signs an autograph for a customer at the opening of India's second Apple retail store, at Saket in New Delhi.

Apple India's revenue rose 36 per cent to Rs 67,122 crore in the fiscal year 2024. Just recently, Apple for the first time breached the top-5 smartphone sellers chart in India.

In 2025, as noted earlier, Apple has plans to open four more such physical stores in India including Bengaluru, Pune, Delhi-NCR and Mumbai.

Currently, Apple has two stores-- BKC Store in Mumbai and Saket Store in Delhi. Both are registering record revenue since their launch in early 2023. They both clocked around 190-200 crore revenue in the 2023-24 financial year.

Last week, Apple rolled out the Apple Store mobile app in India. This will further aid the Cupertino-based technology major to penetrate deeper into the bustling Indian consumer electronics market.

Cook believes the upcoming generative Artificial Intelligence (gen AI)-based Apple Intelligence features will further drive the sales of the iPhone 16 series along with M-silicon-powered iPad and Mac models in India.

Later this year in April, Apple is scheduled to roll out a software update with Apple Intelligence-powered Siri and gen AI-enabled features update with Indian English support in India.

Not just general consumers, but even corporate companies have begun to upgrade their computers with Apple Macs, as they come with powerful Apple M series silicon and run on macOS, which is touted to be the most secure PC platform against emerging cyber threats.

After Zoho, Zomato began deploying Macs for their thousands of workforce in India.

"Deutsche Bank launched its Mac As Choice program for their developers, and also issued the latest MacBook Air as a standard for their entire mortgage lending division, and we’re excited to see leading enterprises such as SAP leverage Apple Intelligence in the U.S., with features like writing tools, summarize, and priority notifications to enhance both their employee and customer experiences. We also see strong demand in our emerging markets. For example, Zomato, a leading food ordering and delivery company in India, has deployed thousands of Macs across their workforce to foster innovation," said Kevan Parekh, Chief Financial Officer, Apple.

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