Apple registered record quarterly revenue, grew in double digits YoY in India: Tim Cook

Having launched the official e-commerce platform, Tim Cook confirms to bring the company's first Apple retail store in India soon

Apple on Thursday announced the financial results of the quarter that ended December 31, 2022.

The global economic slowdown has impacted all companies, and it was palpable with the results of the Cupertino-based tech major. It posted quarterly revenue of $117.2 billion, down 5 per cent year over year, and quarterly earnings per diluted share of $1.88.

“As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” said Tim Cook, Apple’s CEO.

“During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base,” noted Cook.

The company also saw good growth in the services business and also in emerging markets such as India, Vietnam, and others witnessing record sales of devices in multiple categories.

“We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis. We generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing to invest in our long-term growth plans,” said Luca Maestri, Apple’s CFO.

“The growth is coming from every major product category and geographic segment, with strong double-digit increases in emerging markets such as Brazil, Mexico, India, Indonesia, Thailand, and Vietnam,” Luca added,

CEO Cook is bullish about Apple's prospects in India, as the company registered record quarterly revenue and maintained double-digit growth Year-over-Year.

Apple leads the premium (Rs 30,000 plus) and ultra-premium (Rs 45,000 plus range) smartphone segments in India. iPhone 13 was the top-selling model in 2022 in the overall Indian smartphone market and this helped Apple witness strong 16 per cent YoY growth. Also, Apple topped the market in terms of shipment value in Q4 2022, Counterpoint reported.

Currently, Wistron Corp, Foxconn, and Pegatron are manufacturing iPhones in South India not just for the domestic market but also for exports too.

And, recently Apple iPhone supply partners, for the first time, were able to export worth more than $1 Billion in one month.

Around 17 Chinese Apple supply partners Sunny Opticals, Han’s Laser Technology, Yuto Packaging, Salcom, Bozon, and others have approached the Indian government to include them in the Production Linked Incentive (PLI) scheme. The latter offers subsidies for companies to set up their base in India to manufacture or assemble consumer electronics products.

Even Indian technology major Tata is building the biggest iPhone components manufacturing unit in Hosur, which borders the IT City Bengaluru.

In the coming years, we may see 'Assembled in India' tags on more Apple products such as iPads, MacBooks, and AirPods.

One thing that will certainly happen soon is Apple setting up physical retail stores in major cities in India.

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