Apple clocks another record quarter growth in India, more stores soon: Tim Cook

Cupertino (California), Aug 1 (IANS) Apple CEO Tim Cook has said that the iPhone maker had June quarter revenue records in more than two dozen countries and regions, including India.

During the call with analysts, Cook said these results were driven by double-digit growth across iPhone, Mac and Services.

“We saw an acceleration of growth around the world in the vast majority of markets we track. We saw iPhone growth in every geographic segment and double-digit growth in emerging markets including India, the Middle East, South Asia, and Brazil,” the Apple CEO said.

Mac continued to see excellent results with revenue up 15 per cent year-over-year, and “we set another all-time revenue record in Services which grew 13 per cent with double-digit growth in both developed and emerging markets,” Cook informed.

The company recently launched the Apple Store online in Saudi Arabia, and “we couldn’t be more excited to open new stores in the UAE and India later this year”.

Counterpoint Research Director Tarun Pathak said that Apple continues its strong growth in India, achieving another record-breaking revenue quarter with double-digit growth.

“iPhone captured 7 per cent volume and 23 per cent revenue share as per Counterpoint during the quarter and the iPhone 16 was the top-shipped model in the region, a key driver of this momentum. A major highlight from the quarter was the significant shift in manufacturing,” he told IANS.

Cook noted that the majority of iPhones sold in the US now have a ‘Country of Origin’ of India.

According to Counterpoint Research, India's contribution to total U.S. iPhone shipments surged to 71 per cent in Q2, a substantial increase from just 31 per cent in the same period last year.

“Looking ahead, Apple also announced plans to expand its presence in India with new retail stores opening later this year, a key part of its ongoing channel expansion strategy,” said Pathak.

On tariffs, Cook said the situation is evolving.

“For the June quarter, we incurred approximately $800 million of tariff-related costs. For the September quarter, assuming the current global tariff rates, policies, and applications do not change for the balance of the quarter, and no new tariffs are added, we estimate the impact to add about $1.1 billion to our costs,” according to him.

This estimate should not be used to make projections for future quarters, as there are many factors that could change, including tariff rates, he added.

--IANS

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