Apple reports significant growth in emerging markets, as quarterly revenue nears US$90 billion

Apple's CEO Tim Cook recently announced record-breaking growth in India, describing the company's strong performance in quite a few emerging markets. In Apple's recent earnings call, Cook revealed that Apple achieved an all-time revenue record in India, showcasing significant double-digit growth in the market. This success is a testament to the company's focus on India, which Cook, in his own words, described as an "incredibly exciting market" for Apple.

Apple reported an overall global revenue of US$89.5 billion for the September quarter, achieving impressive records in numerous other countries, including Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE, and more. The iPhone segment, specifically, saw robust performance, with revenue reaching $43.8 billion, up 3% YoY, and has set a new record for the September quarter. Apple's iPhone's active installed base also reached an all-time high, and 2023 marked another record year for customer switches.

Despite having a relatively low market share in India, the Apple CEO sees tremendous potential for growth due to the country's large and expanding middle-class population. He stated:

We had an all-time revenue record in India. We grew very strong double-digits. It's an incredibly exciting market for us and a major focus of ours. We have low share in a large market, and so it would seem there's a lot of headroom there

While Apple's average selling prices in India may be relatively lower compared to the global average, he notes that this fact doesn't really bother the company. Cook practiced caution in making direct a comparison between India and other markets, recognizing the fact that each country has its own unique journey and growth trajectory. He highlighted the positive factors contributing to Apple's growth and recent success in India, such as the rising middle class, rapidly improving distribution channels, and the recent successful launch of two retail stores in two major cities of the country, Delhi and Mumbai.

In addition to its steady growth in India, Apple is also targeting other emerging markets, such as Vietnam and Chile, by launching online stores and establishing affordability programs for improved customer service and to make sure its products reach more people.

Buy the Apple Watch Series 9 on Amazon.com