Apple's Record-Breaking Q1 Earnings: India Key in December Quarter Success
In Apple's Q1 earnings call, CEO Tim Cook announced a remarkable milestone for the tech giant, breaking December quarter records in India and other significant markets. The year 2023 marked Apple's success, witnessing the launch of new products like the iPhone 15 and Mac and the introduction of the Vision Pro. Ending the year as the world's top smartphone maker, surpassing Samsung, Apple identified India as a key market.
The Q1 earnings call highlighted India's exceptional performance, with Tim Cook emphasizing multiple times that the country experienced robust growth in revenue, achieving strong double digits in the December quarter. This growth resulted in a new quarter revenue record for Apple in India.
During the call, Luca Maestri, Apple's Chief Financial Officer, spotlighted the significance of Apple's products in the enterprise sector, citing Indian tech company Zoho. Among Zoho's 15,000 global workforce, 80 per cent used iPhones for work, with nearly two-thirds choosing Mac as their primary computer.
The positive news follows Counterpoint Research's recent claim that Apple's shipments in India surpassed 10 million for the first time, securing the top position in revenue for the first time in a calendar year.
Announcing the earnings, Cook said, "Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services. We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are as committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers."
Apple's overall Q1 performance recorded a revenue of $119.6 billion, compared to $117.2 billion in the same period the previous year, solidifying its position as a global technology leader.