Apple rides India momentum as iPhone 17 fuels record quarter
Apple rides India momentum as iPhone 17 fuels record quarter
Apple's blowout quarter is powered by iPhone 17 demand in India and other emerging markets, underscoring India's growing role in its global growth strategy.
Apple posted its highest-ever quarterly revenue, climbing to $143.8 billion, up nearly 16% year over year, with net income of $42.1 billion. The iPhone lineup drove $85.3 billion in revenue, while the Services business reached $30 billion for the first time.
Chief Executive Officer Tim Cook said momentum in newer markets is accelerating, with India standing out as a key growth pillar. The company highlighted expanding manufacturing activity in India and a broader push to broaden its user base beyond mature markets like the US and Europe.
Apple’s push into India appears tied to a broader strategy of expanding manufacturing footprints and tapping the country’s rising consumer base, as the company seeks to diversify beyond traditional markets.
The Services segment also grew, and the installed base now exceeds 2.5 billion devices worldwide, fueling recurring revenue streams across the App Store, Apple Music and iCloud.
The company is increasing investment in Apple Intelligence and confirmed a collaboration with Google to support future foundational models, aiming to make Siri more personalized through a mix of on-device processing and private cloud computing.
Mac revenue declined about 7% year over year, and Wearables declined around 2% amid supply constraints for the new AirPods Pro 3. Despite these headwinds, executives highlighted margin strength and a 19% rise in earnings per share, marking a new all-time EPS high.
Investors will be watching demand trends in India and other emerging markets as Apple navigates a complex global landscape ahead of the March quarter.
