Apple has reported impressive double-digit growth in India, largely driven by the strong demand for iPhones. CEO Tim Cook remains optimistic about the company’s prospects in the country, despite facing sales pressure in the US.

During the third quarter earnings call, Cook highlighted the company’s achievement of a revenue record in India for the June quarter. Additionally, Apple opened its first two retail stores in the country, which have exceeded expectations so far. Cook emphasized the enormous potential of the Indian smartphone market, where Apple still holds a relatively low market share. He assured investors that Apple is dedicating significant efforts to capitalize on this opportunity and increase its presence in the region.

In addition to India, Apple has also enjoyed solid performance in other emerging markets, including Indonesia, Mexico, Philippines, Poland, Saudi Arabia, Turkey, and the UAE. While Apple doesn’t disclose revenue and sales figures specific to India, the company’s net sales in reportable segments indicate a decline in the Americas but improvements in Europe and Greater China.

According to CyberMedia Research, Apple’s market share in the Indian smartphone market reached 5 per cent in Q2 2023, with a remarkable year-on-year shipment increase of 62 per cent. The company dominates the premium segment (devices priced above Rs 25,000) with an impressive 25 per cent market share.

Despite a slight decline in quarterly revenue (down 1 per cent year-over-year) and a modest increase in quarterly earnings per diluted share (up 5 per cent year-over-year), Apple’s performance improved compared to the previous quarter. Luca Maestri, Apple’s CFO, shared that the company achieved an all-time high in active device installations across all geographic segments.

During the quarter, Apple generated a robust operating cash flow of $26 billion and returned over $24 billion to shareholders while continuing to invest in long-term growth plans.

With a firm foothold in India and other promising emerging markets, Apple remains determined to expand its global reach and bolster its position as a leading tech giant. The company’s continued focus on innovation and customer experience drives its growth strategy forward.