Apple achieves all-time revenue record in India for September quarter
Strong demand for iPhones and Mac computers helped the company reach record highs in India and several other global markets.
Apple Inc achieved an all-time revenue record in India during the September-ending quarter, according to reports from BusinessLine and Financial Express. The company also reached September quarter records in the Americas, Europe, Greater China, and the rest of Asia-Pacific.
Apple CEO John Ternus stated during an earnings call that the company set revenue records in both emerging and developed markets. The firm's global quarterly revenue reached $114.4 billion, representing a 12 per cent increase year-on-year.
iPhone revenue rose 17 per cent year-on-year to $57.5 billion, despite foreign exchange headwinds and supply constraints. Apple CFO Kevan Parekh noted that the iPhone active installed base reached an all-time high, with record upgraders in the US, mainland China, India, and Japan.
Mac revenue grew by approximately 24 per cent to reach $10.7 billion or $10.8 billion, supported by the MacBook Pro and MacBook Neo. Services revenue also hit a record of $31.6 billion, which was a 10 per cent increase year-on-year.
The company reported a gross margin of 47.9 per cent but warned of rising memory costs. Management expects gross margins to fall to between 45-46 per cent in the December quarter due to memory pricing and Siri AI ramp-up costs.
Tarun Pathak, Research Director at Counterpoint Research, said consumer aspirations in India are being met by local manufacturing, trade-ins, and easy financing. He noted that Apple's average selling price in India surpassed $1,000 during the quarter.