The company, having recently inaugurated its inaugural stores in the nation, intends to expand its presence in India as a component of its broader focus on Asia.
Amidst an otherwise lackluster quarterly report, Apple Inc. demonstrated robust growth in revenue in China, with a remarkable 8% increase, and achieved record-breaking iPhone sales in India, providing encouraging highlights for the world's most valuable company.
Apple's consecutive third quarter of declining sales and a similar forecast for the current period were overshadowed by two significant achievements. Despite an industry-wide slump that dampened demand for electronic devices, the company managed to witness a 7.9% revenue growth from China, reaching $15.7 billion. Additionally, iPhone sales in India experienced a double-digit surge, attaining a new record, although exact figures were not disclosed by the executives.
China has been a major contributor to the global smartphone market's struggles since the previous year, facing challenges in its recovery due to post-Covid economic turbulence. Apple's CEO, Tim Cook, hinted that users in China's vast mobile market were shifting away from Android alternatives offered by major competitors like Xiaomi Corp. and Huawei Technologies Co.
During a post-results briefing with analysts, Cook emphasized the crucial role of switchers in achieving the record-breaking iPhone results for the quarter.
China's smartphone market has been facing challenges amid a sputtering economy. Shipments have continuously declined each quarter since the beginning of 2022, with consumers tightening their budgets in response to the post-Covid economic downturn. While there is a possibility of a rebound in the fourth quarter when Apple and its competitors usually launch their latest devices, IDC predicts that the growth may be weaker than anticipated.
The Indian performance, while expected, confirms Apple's strategic shift towards a market that was previously inaccessible to many consumers due to the iPhone's high prices. The company now considers India a significant retail prospect and a crucial production hub for its devices in the foreseeable future.
According to a report by Bloomberg News, Apple's revenue in India saw an impressive growth of nearly 50% in the year ending in March, reaching almost $6 billion. With its first stores recently launched in the country, Apple intends to further expand its presence in India as part of its broader focus on the Asian market.
