Apple has set a new record for quarterly revenue in India for the third quarter ending in June, continuing its rapid growth in the world’s second-largest smartphone market where premium products are popular.
Apple CEO Tim Cook said in an earnings call on Friday that the company set quarterly revenue records in more than two dozen countries, including India, Canada, Mexico, France, Germany, the UK, Indonesia, the Philippines, and Thailand.
These new highs in India and other markets helped Apple achieve a global June quarter revenue record of $85.8 billion, up 5% from last year, despite a drop in sales in China. Apple also set an all-time quarterly revenue record in services, which grew 14% from last year.
Apple’s success in India came despite a 2% drop in overall smartphone shipments in the country in the June quarter. Market tracker Counterpoint Research blamed the decline on the heatwave, seasonal slump, and a slowdown in demand.
It’s not just iPhones driving Apple’s business in India; strong sales of Mac computers, helped by a back-to-school promotion, also contributed to the growth. Apple’s CFO Luca Maestri said the company saw strong performance in emerging markets, with June quarter records for Mac sales in Latin America, India, and South Asia.
According to Counterpoint, Samsung and Vivo led the Indian smartphone market in terms of value or sales revenue in the June quarter, with Apple in third place. Samsung had a 24.5% value share, Vivo had 16.8%, and Apple had 16.3%.
Counterpoint’s research analyst Shubham Singh said Apple is expected to rebound in the next quarter due to recent price cuts across all iPhone models.
In terms of the number of units sold, Xiaomi led the Indian market with an 18.9% share, followed closely by Vivo with 18.8%. Samsung was in third place with 18.1%.
Apple reported a 6.5% year-on-year drop in sales in China for the June quarter, but on a constant currency basis, the decline was 3%. Despite this, Cook said Apple is confident in its long-term prospects in China. “We’re very confident in the long-term,” he told analysts.
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