Apple's India revenue hits new high thanks to iPhone 17 sales
What's the story
Apple has announced a record-breaking revenue in India, coinciding with its highest-ever global sales of $102.5 billion in the September quarter. The company's CEO Tim Cook attributed this success to the strong demand for the new iPhone 17 model. This marks Apple's 14th consecutive quarter of increased iPhone sales in India, a trend that is expected to continue into December.
Retail expansion
Retail expansion boosts Apple's success
Cook also noted that part of the record quarter's success came from Apple's two new retail outlets in India, which opened earlier this year. The iPhone 17 has become Apple's best-selling new smartphone ever since its launch on September 19. However, Cook admitted that supply is struggling to keep up with demand for both the entry-level and Pro models globally.
Market performance
iPhone sales surge in India
Apple's iPhone sales are outpacing the overall smartphone market in India, where demand for premium products is on the rise. According to IDC India data, Apple is expected to sell 15.5 million iPhones in India by 2025, a nearly 25% year-on-year increase. In contrast, overall smartphone shipments in India are projected to decline by 4% over five years to reach 155 million units by December.
Tariff impact
US trade tariffs impact Apple's earnings
Apple's Chief Financial Officer Kevan Parekh revealed that US trade tariffs under President Donald Trump impacted Apple's September quarter by $1.4 billion, up from $1.1 billion in the previous quarter. The tariffs have cost Apple over $2 billion since April. Despite these challenges, Apple shares rose 2.2% in after-market hours following the release of its September quarter earnings report.