Apple hits record $8 billion in sales in India
According to a recent report, Apple’s revenue in India surged by approximately 33% in the 12 months ending March, rising from $6 billion the previous year.
NEW DELHI: Apple has achieved a record $8 billion in sales in India, underscoring the country’s status as a rapidly expanding market. Notably, the iPhone maker has significantly ramped up its production efforts in India over the past two years.
According to a recent report, Apple’s revenue in India surged by approximately 33% in the 12 months ending March, rising from $6 billion the previous year. The report also highlighted that Apple’s premium iPhones were responsible for more than half of these sales, reflecting the company’s growing influence in the world’s most populous nation, where consumer purchasing power is steadily increasing as the economy grows.
Apple is diversifying its manufacturing base to India from China due to geopolitical tensions. Although the company does not break out India revenue in its earnings statements, it is required to report annual sales in the country to local authorities. Interestingly, while India is one of the fastest-growing markets for Apple, it accounts for only about 2% of its latest fiscal-year sales of $383 billion.
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