Apple to open 4 new retail stores in India: Tim Cook

Tech giant reported revenue of $94.9 billion in July-September period, up 6 per cent from a year ago

New Delhi: Apple, which clocked an all-time revenue record in India in the September quarter, is set to open four more own-branded retail stores in India, the tech giant’s CEO Tim Cook has said.

Apple reported revenue of $94.9 billion in the July-September period, a September quarter record and up 6 per cent from a year ago.

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iPhone grew in every geographic segment, marking a new September quarter revenue record for the category, and services set an all-time revenue record, up 12 per cent year over year.

“We continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record. This has been an extraordinary year of innovation at Apple,” said Cook during the quarterly earnings call (Q4 fiscal year 2024) late on Thursday.

In addition to growth in developed markets, “we also saw strong performance in many emerging markets with double-digit growth in Mexico, Brazil, the Middle East, India and South Asia,” he informed.

Apple has two retail stories in India — New Delhi (Saket) and Mumbai (BKC). “We can’t wait to bring four new stores to customers in India. We’re passionate about education and believe technology has a vital role to play in both helping teachers to inspire their students and students to learn about the world around them,” said Cook.

According to Luca Maestri, SVP, Chief Financial Officer, the company set “an all-time revenue record during the September quarter”.

As India continues to break all previous records on local mobile manufacturing, Apple is on course to surpass the FY24 figures of exports from India, reaching over Rs 50,000 crore (more than $6 billion) in the first six months this fiscal (FY25), according to latest industry data.

The iPhone exports from India surged to cross $10 billion in 2023-24 from $6.27 billion in 2022-23.

Overall, the iPhone maker’s India operations reached $23.5 billion in value in the last fiscal (FY24). Apple assembled $14 billion of iPhones in India in last fiscal, exported more than $10 billion worth of devices.