iPhone Fever In India: Apple Records Impressive 2% Growth, Sets New Revenue Record In Dec Quarter
Portfolio Pulse from Shomik Sen Bhattacharjee
Apple Inc. (AAPL) reported a 2% increase in quarterly revenue, reaching $119.6 billion, with significant contributions from the Indian market. The company achieved an all-time high quarter in revenue in India, driven by strong iPhone demand and record-breaking Services segment revenue. Apple's success in India is highlighted by exceeding 10 million units in shipments, despite a stagnant trend in India's smartphone shipments in 2023. The company's focus on offline sales and attractive trade-in deals contributed to this achievement.
February 02, 2024 | 9:06 am
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Apple Inc. sees a 2% increase in quarterly revenue, with significant growth in India, driven by iPhone sales and Services segment. Over 10 million units were shipped in India despite a stagnant smartphone market.
Apple's impressive performance in India, marked by a new revenue record and exceeding 10 million units in shipments, demonstrates the company's strong market position and growth potential. This achievement, despite a stagnant overall smartphone market in India, indicates a robust demand for Apple products, particularly iPhones. The strategic focus on offline sales and trade-in deals further strengthens Apple's position. Given these factors, the short-term impact on AAPL stock is likely positive, reflecting investor confidence in Apple's growth trajectory and market strategy.
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