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

Apple reported record revenue, fuelled by strong global iPhone sales, especially in India. The company plans to expand its retail presence in major cities.

Updated on: Nov 1, 2024, 12:08:51 IST

By HT News Desk

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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.

CEO of Apple Tim Cook gives a presentation as Apple holds an event at the Steve Jobs Theater on its campus in Cupertino, California, U.S in September. (REUTERS)

“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.

Also read: Apple Intelligence: Top new features of the AI-laden iOS 18.1 update for iPhones

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.

Also read: iPhone 16 sales blocked in Indonesia as Apple didn't meet investment requirements

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.

Also read: Apple refreshes MacBook Pro, which also marks arrival of M4 Pro and M4 Max chips

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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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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