Apple recently announced its financial results for its fiscal 2024 second quarter ended March 30, 2024. The company reported quarterly earnings per diluted share of $1.53 and revenue of $90.8 billion, which was 4% less than the same period last year. At the company’s quarterly earnings calls, Tim Cook, the CEO of Apple, made multiple references to India. He emphasised that Apple reached a revenue record in the second quarter that concluded in March and reported strong double-digit growth in the Indian market.
While sharing some India-specific call-outs during Apple’s Q2 earnings, Tim Cook, CEO of Apple, revealed that Apple broke revenue records in over a dozen nations and regions. Among these are March quarter records from Canada, India, Spain, Turkey, Latin America, and the Middle East.
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“We’re also investing in new solar and wind power in the U.S. and Europe, both to power our growing operations and our users’ devices. And we’re working with partners in India and the U.S. to replenish 100% of the water we use in places that need it most, with the goal of delivering billions of gallons of water benefits over the next two decades,” he said.
He claims that Apple had double-digit growth in India. He also added that in order to remain competitive, the company must begin manufacturing in the country for which it is expanding its developer environment in India. “In terms of the operational side or supply chain side, we are producing there. From a pragmatic point of view, you need to produce there to be competitive.”
He further added, “But we have both operational things going on and we have go-to-market, and initiatives going on. We just opened a couple of stores as last year, and we see enormous opportunity there. We’re continuing to expand our channels, and also working on the developer ecosystem as well. And we’ve been very pleased that there is a rapidly growing base of developers there. And so, we’re working all of the entire ecosystem from developer to the market to operations, the whole thing. And I just — I could not be more excited and enthusiastic about it.”
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A cash dividend of $0.25 per share of the company’s common stock, marking a 4% increase, has been issued by Apple’s board of directors. The dividend is payable on May 16, 2024, to shareholders of record as of the close of business on May 13, 2024. The board of directors has also authorised an additional programme to repurchase up to $110 billion of the company’s common stock.
