Apple reported record quarterly revenues in India and other emerging markets, contributing to a better-than-expected June quarter overall. The iPhone maker announced a 5% year-over-year increase in quarterly revenue, reaching $85.8 billion for its fiscal 2024 third quarter, which ended on June 29.
Apple CEO Tim Cook highlighted the company’s success in new territories during the earnings call. “We set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand,” Cook stated.
Mac Sales Soar in India
India emerged as a key growth driver, with Apple achieving a new June quarter revenue record in the country. The performance was particularly strong in the Mac segment, which saw a 2% year-over-year increase, reaching $7 billion in global revenue.
Apple CFO Luca Maestri emphasized the company’s progress in emerging markets: “We saw particularly strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia.” Maestri attributed this growth to the success of the MacBook Air powered by the M3 chip.
Services Hit High, iPhone Sales Modest
The company’s Services division also set an all-time revenue record, growing 14% to reach $24.21 billion. However, iPhone sales experienced a slight dip of 0.94% to $39.30 billion, which is typical for the third quarter as consumers anticipate the launch of new models.
Despite challenges in the Wearables, Home, and Accessories category, which saw a 2.26% decline to $8.10 billion, Apple’s overall performance in emerging markets like India signals strong growth potential in these regions.