Apple has released its March quarter financial data, and the tech giant recorded revenue of $94.8 billion in the first quarter of this year, which is down 3% YoY, but the business posted a profit of $24 billion, above analysts’ projections despite an economic downturn. Apple’s profits in this quarter were $51.3 billion thanks to bumper iPhone sales.
“Today, we’re reporting revenue of $94.8 billion for the March quarter, which was better than our expectations. We set an all-time record for Services and a March quarter record for iPhone. We were particularly pleased with the performance we saw in emerging markets and achieved all-time records in Mexico, Indonesia, the Philippines, Saudi Arabia, Turkey and the UAE, as well as a number of March quarter records, including in Brazil, Malaysia and India, Tim Cook, Apple’s CEO, said in a statement.
“We are pleased to report an all-time record in Services and a March quarter record for iPhone despite the challenging macroeconomic environment, and to have our installed base of active devices reach an all-time high,”
Sales of Apple iPhones rose 1.5% to $51.33 billion. Mac sales, however, fell more than 30% to $7.17 billion.
Apple’s gross margin will be between 44% and 44.5 percent, up from projections of 43.7 percent, per Refinitiv data, according to Luca Maestri, chief financial officer. But he also predicted a modest fall in Apple’s sales.
“And as I noted earlier, in a milestone for Apple, we just opened our first two Apple stores in India, in Mumbai and Delhi. I was there to see it for myself, and I couldn’t have been more delighted by the excitement and enthusiasm of the customers, developers, creators and team members I got to spend time with.”
Apple iPhone sales in India and opening of official retail stores
According to a report published last month, as a result of increased domestic manufacture of Apple iPhone models, India’s exports of iPhones surged by over four times to reach $5 billion, or more than Rs 40,000 crore, in FY 2023. According to the research, Germany, Russia, the UK, France, Italy, the Middle East, and Japan have all turned to India as a source for their smartphone exports.
Almost 20 years after Asia’s first Apple Store opened its doors, Apple began a new love affair with India last month by opening two official Apple Stores there: the first in the nation’s financial hub of Mumbai and the second in Delhi today (April 20). The launch of Apple’s first physical retail locations in India coincides with the tech giant’s larger retail expansion into the nation.
“And as I noted earlier, in a milestone for Apple, we just opened our first two Apple stores in India, in Mumbai and Delhi. I was there to see it for myself, and I couldn’t have been more delighted by the excitement and enthusiasm of the customers, developers, creators and team members I got to spend time with,” Cook noted.
It is important to note that Apple has increased iPhone production in India, particularly since its largest partner and contract manufacturer Foxconn faced turmoil in China at the Zhengzhou manufacturing plant. Late last year, Foxconn in China faced severe supply-chain problems as a result of the nation’s zero-Covid policy.
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