In 2022, Apple’s revenue was $394.33 billion, but in 2023, it was slightly lower at $383.29 billion, representing a 2.8% decline year-over-year. Despite this revenue slide, Apple managed to report record profits of $23 billion in Q4 2023, demonstrating resilience in challenging times. Apple"s negative revenue growth was mainly due to declining sales in China, one of its largest markets outside the US.
However, in recent months, Apple"s sales in China have reversed this declining trend. IDC recently reported that Apple had a 15.8% share in Q2 worldwide smartphone shipments, with improved performance in China and other key regions.
Today, Bloomberg India reported that Apple India"s sales reached $8 billion in the fiscal year ending March 2024. This represents a nearly 33% increase from the $6 billion in sales recorded in 2023. Furthermore, Apple"s India sales have almost doubled compared to the $4.1 billion achieved in 2022.
Nearly half of Apple"s revenue in India was generated by iPhone sales. Until two years ago, Apple struggled to sell its iPhones in India due to their premium price tag. To address this, Apple began assembling non-Pro iPhone models in India, which reduced their cost and led to a surge in sales. In fact, Apple"s assembly partners in India doubled production to $14 billion in the last fiscal year. To expand its reach further, Apple began opening official retail stores in India last year.
During the last earnings call, Apple CEO Tim Cook emphasized that India is an incredibly exciting market and a major focus for the company.
By focusing on key markets like India and implementing initiatives such as local assembly and retail expansion, Apple has not only reversed the downward trend but also achieved significant growth in these regions. As Apple continues to prioritize the Indian market, it is well-positioned for further growth and success in the coming years.
Source: Bloomberg