5 Things to Know About Apple's Performance in India From CEO Tim Cook's Q4 Results Call
Apple set a new record in services revenue in Q4 2024, but missed expectations for both revenue and earnings.
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Written by David Delima | Updated: 31 January 2025 11:26 IST
Highlights
Apple reported its Q4 2024 earnings results on Thursday
The company set a new record for services revenue
Apple CEO Tim Cook confirmed plans to open new Apple Stores in India
Apple CEO Tim Cook inaugurated the Apple BKC store in Mumbai in April 2023
Apple reported its fiscal earnings for Q4 2024 on Thursday, and the iPhone maker missed forecasts on revenue and earnings per share (EPS). The latest earnings call showed that Apple's revenue in the previous quarter was up 4 percent year over year to reach $124.3 billion (roughly Rs. 10,76,51,950 lakh), while its EPS rose 12 percent year over year to $1.64 (roughly Rs. 140). The company set a new record for services revenue, which rose to $25 billion (roughly Rs. 21,66,25,000 lakh) in the previous quarter.
During the company's earnings call, Apple CEO Tim Cook said that the company plans to roll out Apple Intelligence features to eligible devices in more regions, as the iPhone maker doubles down on artificial intelligence (AI) features. He also highlighted the company's performance in emerging markets, stating that the company saw 'double-digit' growth in countries like Brazil, Mexico, and India.
Here are five things to know about Apple in India from CEO Tim Cook's Q4 results call:
Apple Intelligence in India: Eligible devices in India will be able to access Apple Intelligence with the default localised language — English (India) — starting in April. Apple will also roll out its AI features in other languages, including French, German, Italian, Portuguese, Spanish, Japanese, Korean, and Simplified Chinese.
More Apple Stores in India: Apple reiterated its plans to open four new stores in the country as it continues to expand its retail presence, but didn't reveal where these outlets will be opened. The company currently has two Apple Stores in India — Apple BKC in Mumbai and Apple Saket in Delhi.
Record iPhone Growth: Boosted by festive season sales, the iPhone Active Install Base in India has soared to new highs, according to the company. Citing a survey from Kantar, Apple says that the iPhone was the top-selling smartphone in India, in Q4 2024, and a recent Canalys report revealed the company had the highest smartphone shipments in the previous quarter with a 23 percent market share.
Enterprise Adoption: Tim Cook also revealed that Zomato has deployed 'thousands' of Macs in Q4 2024. Apple launched new MacBook Pro and iMac models in the previous quarter, and these computers are equipped with the company's latest M4, M4 Pro and M4 Max chips.
Potential for Growth in India: Apple still has a very modest market share in India, compared to rival smartphone and computer makers. However, the company's CEO said that there was substantial potential for growth in the country, which is currently the second-largest and third-largest market in the world for smartphones and PCs, respectively.
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