In the fiscal 2024 first quarter, Apple, under the leadership of CEO Tim Cook, achieved robust double-digit growth in India, marking another quarter of record revenue in the country. Despite a 2 percent year-over-year increase in quarterly revenue to $119.6 billion, Cook emphasized India’s standout performance along with records in Indonesia, Saudi Arabia, and Chile. India’s smartphone shipments, despite remaining flat at 152 million units in 2023, saw Apple surpassing the 10-million-unit mark and securing the top position in revenue for the calendar year.
Cook, responding to analyst inquiries, reiterated India’s substantial revenue growth in strong double digits during the December quarter, achieving a new quarter revenue record. The opening of Apple’s retail stores and increased emphasis on large-format retail, coupled with enticing trade-in values, contributed to elevated offline shipments. Counterpoint research analyst Shubham Singh highlighted these factors as catalysts for Apple’s success in India.
Luca Maestri, Apple’s CFO, spotlighted Zoho, an Indian SaaS technology company, during the earnings call. Zoho, headquartered in India, offered its global workforce a choice of devices, with 80 percent using iPhones for work and nearly two-thirds opting for Mac as their primary computer. Cook celebrated Apple’s revenue growth driven by iPhone sales and all-time high revenue in Services during the December quarter.
Apple’s installed base of active devices exceeded 2.2 billion, reaching a historic high across all products and geographic segments. The quarter witnessed Apple generating almost $40 billion in operating cash flow and returning nearly $27 billion to shareholders. Maestri expressed confidence in the company’s future, emphasizing ongoing significant investments to support long-term growth plans.
