偷拍 Apple Annual Sales in India Reportedly Soar 33% amid Pivot from China
TMTPost -- Apple Inc. is making progress in expansion in India amid its shift of more productions away from China.偷拍
Credit：Apple
Apple’s sales in India hit an annual record of almost $8 billion over the 12 months through March 2024, representing a 33% year-over-year (YoY) increase, Bloomberg reported earlier week, citing a person familiar with the matter. The person said iPhones marked up more than half of the sales. Apple doesn’t break out India revenue in its quarterly financial report, though it has to report annual sales in the country to local authorities. Apple representatives in India didn’t respond to the report yet.
信誉约炮Apple reported in May that revenue for the fiscal second quarter ended March 30 fell 1% YoY to $90.75 billion, the fifth decline in the past six quarters, less deeper than Wall Street projected decrease of 4.8%. iPhone偷拍, Apple’s top product line, generated $45.96 billion that quarter with a 10.5% YoY decline, reversing its YoY growth for third consecutive quarter. As a main force that dragged down Apple’s revenue, iPhone sales did show weak demand for iPhone 15 series launched last September, though not as sluggish as analysts’forecast.
Increasing signs these years signaled the company is stepping up shift to India. Apple announced in April 2022 to start making iPhone 13 in India, which seems as one of signs to highlight increasing importance of countries like India, Vietnam and Mexico for suppliers who try to improve diversification of production away from China. Five monthslater, Apple confirmed it was assembling iPhone 14 in India, less than three weeks from its release of the new iPhone series. The confirmation effectively admitted India for the first time to make the latest flagship iPhone.
Apple opened its first retail stores in India in July 2023, when Apple CEO Tim Cook first visited the country since 2016, then inaugurated the first store and met Indian Prime Minister Narendra Modi. The executive underscored commitment to growing and investing across the country, signaling an effort for refocus.
Cook singled India out after Apple posted its first third consecutive quarter of yearly decline in revenue since 2016. Cook said India is the second largest smartphone market in the world while Apple just has a very low and modest share there. “It’s a huge opportunity for us, and we’re putting all of our energies in making that occur,” he told analysts at an earnings conference on August 3, 2023.
A Bloomberg report said in April Apple’s India-based partners assembled iPhones worth of $14 billion in a fiscal year ended March 2024, doubling production. Sources of Bloomberg revealed as much as 14% of iPhones are now made in India. That comes out to about 1 in 7 of Apple’s marquee devices made across the fiscal year. Foxconn Technology Group was reported to assemble nearly 67% and Pegatron Corp. about 17% of the India-made iPhones in the fiscal year, while the remaining iPhones were made in Wistron Corp.’s plant in southern Karnataka state, which the Indian conglomerate Tata Group took over last year. Tata plans to build one of the country’s biggest iPhone assembly plants.
At an earnings call in May, Cook said he remains very optimistic about the Chinese market despite fierce competition. Cook maintained Apple has a lot of happy customers in China, citing enthusiasm from customers in the country. As to the competition there, Cook said China has been and is the most competitive market in the world, while the iPhone 15 and iPhone 15 Pro Max are the leading smartphones in urban China. Cook told CNBC that it may come as a surprise to some people, but iPhone sales grew in China that quarter. "I feel good about China, I think more about long term than to the next week or so," Cook said.
Cook also told analysts at the same conference that his company was working on everything from developers to markets and operations in India.“I see it as an incredibly exciting market and it’s a major focus for us,” the chief executive said.
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