India is Apple’s saving grace: Tech giant makes record revenue in India despite global slump, says Cook

Despite facing some turbulent headwinds in 2023 and so far in 2024, Apple beat its earnings expectations. Although Apple’s revenues saw a dip this year from all across the world, India turned out to be a saving grace for the Cupertino-based tech giant.

Apple has achieved remarkable success in India, setting revenue records in the quarter ending March 2024. Despite facing a 4 per cent decline in overall revenue and a 10 per cent dip in sales, the company celebrated a significant milestone in the Indian market.

According to Tim Cook, Apple’s CEO, the company witnessed double-digit growth in India, marking a new March quarter revenue record. Cook emphasized the importance of India as an exciting and strategic market for Apple’s future endeavours.

More from Tech

How ChatGPT is becoming everyone’s BFF and why that’s dangerous America ready for self-driving cars, but it has a legal problem

Apple’s earnings
In the earnings call held on Friday, Apple reported a total revenue of $90.75 billion for the March quarter, surpassing analyst predictions. However, iPhone sales experienced a notable downturn, dropping to $45.96 billion from the previous year’s $51.33 billion.

This decline was primarily attributed to reduced sales in the Greater China region, including Mainland China, Taiwan, Singapore, and Hong Kong, where competition from rivals like Huawei intensified.

Despite challenges in key markets, Luca Maestri, Apple’s CFO, highlighted the company’s success in emerging markets, including India. Apple achieved a six-month revenue record in India, along with several other countries in Latin America, the Middle East, and Southeast Asia.

Impact Shorts

More Shorts

America ready for self-driving cars, but it has a legal problem

Alibaba, Baidu begin using own AI chips as China shifts away from US tech amid Nvidia row

Apple’s plan in India
Acknowledging the importance of local production for competitiveness, Cook revealed Apple’s commitment to manufacturing iPhones in India. He emphasized the company’s comprehensive approach, focusing on operations, market expansion, and collaboration with the developer community to capitalize on India’s vast potential.

With the opening of two stores in India last year, Apple aims to further strengthen its presence and engagement with consumers. Cook expressed optimism about the growth opportunities in India, emphasizing the company’s enthusiasm for the burgeoning developer ecosystem and expanding market channels.

During the earnings call, Luca Maestri, Apple’s CFO highlighted the promising prospects in emerging markets, including India, Saudi Arabia, Mexico, Turkey, and Brazil. Despite lower market share in these regions, Apple sees significant growth potential driven by rising demand and positive brand perception.

Looking ahead, Apple remains optimistic about its future prospects, particularly in the realm of generative AI. The company plans to introduce innovative features powered by AI technology, leveraging its unique combination of hardware, software, and services integration.

Cook underscored Apple’s unwavering commitment to privacy, a core principle guiding its product development and differentiation in the evolving tech landscape.

As Apple gears up for the June quarter, it anticipates single-digit growth while preparing to unveil groundbreaking AI-based features at an upcoming event. With a steadfast focus on innovation and customer experience, Apple continues to pave the way for technological advancement and market leadership in the years to come.

Apple’s plans for AI
Tim Cook, CEO of Apple, expressed strong optimism regarding the company’s advancements in artificial intelligence (AI) during an investors’ call following the latest quarterly earnings report. Cook highlighted Apple’s substantial investments in AI and emphasized the significant opportunities presented by generative AI across Apple’s product lineup.

“We continue to feel very bullish about our opportunity in generative AI,” Cook stated, reaffirming Apple’s commitment to leveraging AI technology to enhance user experiences.

Cook outlined Apple’s strategic focus on AI-powered innovations, which will take centre stage at the upcoming Worldwide Developers Conference (WWDC) scheduled for June 10. He underscored Apple’s belief in the transformative potential of AI and highlighted several advantages that set Apple apart in this domain.

Among these advantages, Cook highlighted Apple’s seamless integration of hardware, software, and services, along with the groundbreaking Apple Silicon featuring industry-leading neural engines. He also emphasized Apple’s steadfast commitment to privacy, a principle deeply ingrained in the company’s product development ethos.

As anticipation builds for WWDC, where Apple is expected to unveil new AI-driven features and advancements, Cook’s remarks underscore the company’s confidence in its ability to innovate and differentiate itself in the rapidly evolving AI landscape. With a focus on privacy, user experience, and cutting-edge technology, Apple aims to solidify its position as a leader in AI-powered innovations across its ecosystem of products and services.