Apple’s India Revenue Shoots Up Over $8 Billion In 2023 Thanks To Big iPhone Craze: Report – News18

Apple’s income in India rose almost 42 % (on-yr) final yr to $8.7 billion, international brokerage Morgan Stanley mentioned in a report on Friday.

According to the report, iPhone shipments grew about 39 % to 9.2 million models final yr.

“In CY23, India represented 4 percent of iPhones shipments and revenue, up from 3 percent in CY22 and 1 percent 5 years ago,” mentioned analysts within the report.

“If India continues to grow at the same trajectory while China iPhone shipments stay flat, India would be a bigger iPhone market than China by 2027,” it added.

TechCrunch was first to report on Apple India’s 2023 income.

Apple registered sturdy double-digit progress within the December quarter in India, reaching one other quarter income report within the nation, firm’s CEO Tim Cook mentioned earlier this month.

Responding to an analyst’s questions, Cook mentioned that the India market “hit a quarter revenue record”.

India’s smartphone shipments remained flat in 2023 at 152 million models, however Apple reached the ten-million-unit mark in shipments and captured the highest place in income in a calendar yr for the primary time.

In a bid to additional increase cell manufacturing within the nation, the federal government in January slashed import obligation on components used for manufacturing of cell phones to 10 % from 15 %. The transfer will assist corporations like Apple to fabricate extra of its excessive-finish premium smartphones within the nation.

(This story has not been edited by News18 workers and is printed from a syndicated information company feed – IANS)