Apple set a revenue record in India for the fourth quarter of 2024, with CEO Tim Cook sharing his excitement over this growth during the company’s earnings call. Apple’s global Q4 revenue reached $94.9 billion, marking a 6% increase year-over-year. The iPhone was a major driver, generating $46.2 billion in revenue—a 6% rise from last year—marking a new September quarter record for Apple. Revenue from services also hit an all-time high, growing by 12% year-over-year, while Mac revenue rose 2% to $7.7 billion.
Expanding Indian Presence with Four New Apple Stores
Following the success of Apple’s first two retail stores in Mumbai and Delhi in 2023, Cook announced plans to open four additional stores across India, including in Bengaluru, Pune, and the Delhi-NCR region. This expansion aims to increase Apple’s reach in a market where it holds around 7% of smartphone market share but ranks second in value with a 22% share, just behind a South Korean competitor at 23%, as per Counterpoint Research.
iPhone Exports Surge, Strengthening India as a Manufacturing Hub
Apple’s iPhone exports from India rose by 33% between April and September 2024, reaching $6 billion. Apple’s Foxconn unit in Tamil Nadu was a major contributor, producing half of these exports. This year marked the first time Apple manufactured its complete iPhone 16 lineup, including premium models, in India—a milestone shift from its traditional production base in China.
Apple’s expanded manufacturing and retail footprint in India, coupled with record-breaking Q4 revenue, underlines the country’s growing importance in Apple’s global strategy and its commitment to making India a central hub for production and market growth.
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