Apple Reports Record Revenue Growth In India In Q1

Apple Inc.'s Chief Executive Officer Tim Cook announced that the company has achieved record revenue growth in India and more than 25 other countries for the quarter ending June 30, 2024.

The iphone maker reported a 7.8% increase in net income, reaching $21.44 billion in the quarter, up from $19.8 billion in the same period last year.

Its total net sales also increased by 4.8% to $85.77 billion for the reported quarter, compared to $81.79 billion in the same period last year.

"Apple is reporting a new June quarter revenue record of $85.8 billion, up 5% 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," Cook said during the company's earnings call.

Revenue of Apple from 'Rest of Asia Pacific' geography, which includes India, Indonesia, the Philippines, and Thailand, grew by $760 million in the June quarter, compared to the year-ago period.

Apple's iPhone sales declined by about 1% to $39.29 billion during the reported quarter from $39.66 billion a year ago.

Apple Mac sales grew 2.4% to over $7 billion from $6.8 billion and iPad sales were up 24% to $7.16 billion from $5.8 billion on a year-on-year basis.

"Mac generated $7 billion in revenue, up 2% year-on-year, 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.

Mac installed base reached an all-time high with half of MacBook Air customers in the quarter being new to Mac, he said.

Apple's Wearables, Home and Accessories sales declined about 2% to $8 billion from $8.28 billion a year ago.

(With inputs from PTI).