Apple India Dec Quarter Revenue Hits Record High On Strong iPhone Sales: Tim Cook

iPhone maker Apple's revenue grew in double-digits and hit a new record in December 2023 quarter on strong iPhone sales, a top official of the company said on Friday.

"India grew in revenue terms, grew strong double-digits in the December quarter and hit a revenue record," Apple CEO Tim Cook said during Apple's earnings call.

Apple posted quarterly revenue of $119.6 billion, up 2% year-over-year, and its installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments.

The company's revenue from iPhone grew by about 6% to $69.7 billion in the reported quarter, from $65.77 billion.

The company saw all-time high revenues in other emerging markets as well including Malaysia, Mexico, the Philippines, Poland and Turkey, Indonesia, Saudi Arabia etc, Cook added.

According to market research firm Counterpoint Research, Apple led the India market with highest revenue in 2023 for the first time, while Samsung topped the chart in terms of volume sales.

The firm in its recent report said Apple surpassed the 10-million-unit mark in shipments and captured the top position in revenue in a calendar year for the first time.

Sales of iPad declined by about 25% to around $7 billion in December 2023 quarter.

Wearable, home and accessories segment of Apple declined by close to 11% to $11.95 billion in the reported quarter, from $13.48 billion in the year-ago period.

Sales of Mac PCs remained almost flat at $7.7 billion on a year-over-year basis.

The services revenue of Apple increased by 11.3% to $23.11 billion in the December 2023 quarter, from $20.76 billion a year ago.

For the year ended Sept. 30, 2023, Apple net income declined by 2.8% to $96.99 billion, from $99.8 billion in the year-ago period.

The annual revenue of the iPhone maker also declined by 2.8% to 383.28 billion in the fiscal year ended Sept. 30, 2023 from $394.32 billion in FY 2022.

The annual iPhone sales declined by 2.3% to $200.5 billion during the reported year, from $205.48 billion in previous fiscal.

Annual sales of Mac PCs declined by about 27% to $29.35 billion, from $40.17 billion and iPad by 3.3% to $28.3 billion on a year-over-year basis.

Apple's Wearables, home and accessories annual sales also fell by 3.3% to $39.84 billion, from $41.24 billion a year ago.

The services revenue of Apple increased by 9% to $85.2 billion in FY'23, from $78.12 billion in FY'22.