Apple’s India sales near new high of $6 billion in year through March, reports Bloomberg News

Apple’s revenue in India grew by nearly 50%, from $4.1 billion a year earlier, the report added, citing a person familiar with the matter.

People walk past the barricade of India's first Apple retail store, that will be launched soon, at Jio World Drive Mall, Mumbai | File Photos: Reuters

California: Apple Inc’s India sales grew by nearly 50% in the year through March, Bloomberg News reported on Monday.

Revenue in India almost touched $6 billion, as compared to $4.1 billion in the year through March 2022, the report added, citing a person familiar with the matter.

Apple didn’t immediately respond to a Reuters request for comment.

Apple has significantly increased its production of iPhones in India, accounting for almost 7% of its total iPhone production, up from 1% in 2021 and has assembled more than $7 billion worth of iPhones in the country in the last fiscal year, Bloomberg News reported last week.

The fresh sales growth comes as Apple deepens its India retail push with the setting up of two stores in Mumbai and New Delhi this year.

Meanwhile, Apple‘s profits last quarter missed Wall Street expectations for the first time since 2016, as iPhone sales fell for the first time since 2020. The company had then said that it expected revenue to fall in the second quarter as well.

(Reporting by Kanjyik Ghosh in Bengaluru; Editing by Savio D’Souza)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.