Apple sets new revenue record with double-digit growth in India

Apple CEO, Tim Cook has recently announced the company’s new revenue record in India in the July-September period. Apparently, the mega-giant continues to perform better, with strong double-digit growth in the country, in line with its big manufacturing plans.

According to sources, Apple posted a September quarter record revenue of $90.1 billion globally, up by 8% on a year-on-year basis. The annual revenue posted was $394.3 billion, also up by 8% yearly.

Commenting on the recent development, Apple CFO, Luca Maestri stated that acewe had premeditated the September quarter records in the major markets that the firm tracked.

Luca further highlighted that the firm gained great traction, especially in several large emerging markets, with India recording an all-time new record and Thailand, Vietnam, Indonesia and Mexico doubling year after year.

It has been reported that to support India's momentum for local manufacturing, Apple confirmed last month that it had begun production of the new iPhone 14 in India, a first for the tech giant as it works to reduce the manufacturing time of new iPhones in India with China.

Reports also cite that the locally assembled iPhone 14 will be available in the country in the fourth quarter.

Not to mention, Apple's new iPhone 14 lineup offers groundbreaking new technologies and important safety capabilities.

Sources also cite that the firm is thrilled to manufacture iPhone 14 in India.

Apparently, Foxconn is assembling the new iPhone 14 at its Sriperumbudur facility near Chennai.

According to the JP Morgan analysis, as India accelerates manufacturing of technology products locally, Apple is slated to move 5% of its new iPhone 14 production to India by the end of this year and nearly 25% by 2025.

Inspired by the country's supportive local manufacturing industry and business-friendly regulations, Apple's 'Make in India' iPhones are slated to represent nearly 85% of the company's total iPhone production this year.

Source credit - https://in.investing.com/news/apple-sets-new-revenue-record-in-india-logs-doubledigit-growth-3394375