Apple posts record revenue, credits India iPhone sales; plans for 4 new stores: CEO Tim Cook

Apple has reported record-breaking revenue in its latest quarterly results, driven by strong iPhone sales globally. CEO Tim Cook pointed India’s role in this success, announcing that iPhone sales in India reached an all-time high.

“We continue to be excited by the enthusiasm we are seeing in India, where we set an all-time revenue record in September quarter,” Tim Cook said during an investors’ call.

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In addition to the iPhone, Apple’s iPad saw significant growth in India, achieving double-digit sales increases. Cook also confirmed that Apple is expanding its retail presence in the country, with plans to open four new stores in Bengaluru, Pune, Mumbai, and Delhi-NCR. Apple currently has two stores in India: Apple BKC in Mumbai and Apple Saket in New Delhi.

Globally, Apple’s revenue exceeded Wall Street estimates, with total sales up 6.1 per cent to $94.9 billion, compared to analysts’ estimates of $94.4 billion.

Earnings were 97 cents per share, though Apple noted that they would have been $1.64 without a one-time charge related to a European court ruling.

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Apple’s uphill task in China

However, Apple faced challenges in China, where revenue fell slightly to $15 billion due to competition from local brands. Despite these headwinds, iPhone sales grew in every geographic market, Cook noted, suggesting that performance issues in China may stem from other product lines.

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Early sales of iPhone 16 outpaced those of iPhone 15

Apple’s fourth quarter, ending on September 28, included just a few days of sales from its new iPhone 16 series, which launched on September 20. CEO Tim Cook noted that early sales of the iPhone 16 outpaced those of the iPhone 15 in the same timeframe last year.

Cook also said there is strong interest in Apple’s latest iPhone operating system, which introduces new Apple Intelligence features. Downloads of the new OS are happening at twice the rate compared to last year’s version.

“We’ve had great feedback from customers and developers already,” Cook said. “We’re off to a good start.”

(Input from AP, Reuters)

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