Apple Hits $8B Sales Milestone in India As The Company Reduces Dependence on China
After hitting a great wall with its growth plans in China, Apple found a new path through India’s gateway. The company’s revenue in India reached a record ~$8B for the year ending March 2024, marking a 33% increase in annual sales from the previous year. Facing trade tensions with China, Apple is working to reduce its reliance on the Chinese market and is focusing on alternative markets like India to diversify its manufacturing and revenue sources.
- iPhones drove more than half of India’s record sales — and now hold about a 3.5% share of the 690M active smartphones in the country.
- India accounts for ~2% of Apple’s total $383B in fiscal-year sales, CEO Tim Cook sees India as “an incredibly exciting market” and a “major focus.”
The apple of analysts’ eyes: After a rocky start to 2024, Apple has been getting love from analysts — with shares rising ~27% this year. The tech giant emerged as a top pick at Morgan Stanley following the announcement of its new AI platform, Apple Intelligence. With India’s growth potential and Apple’s strategic expansion into AI, analysts see this as a bullish opportunity. Loop Capital has upgraded Apple to “buy” and set a new price target of $300, up from $170.
