Apple sets record revenue in India, iPad sales soar in September quarter
New Delhi: Tech giant Apple has achieved an all-time revenue record in India, marking a double-digit growth in iPad sales during the September 2024 quarter, as reported by senior company officials. The company's total net sales globally grew by over 6% to $94.93 billion, up from $89.49 billion in the same period last year.
Apple CEO Tim Cook highlighted that the September quarter was successful across multiple regions, with record sales in the Americas, Europe, and parts of Asia-Pacific. He noted strong sales performance in countries such as the United States, Brazil, Mexico, the UK, and India, where Apple witnessed an unprecedented revenue spike. Cook also mentioned the recent opening of two new stores in India, located in Mumbai and Delhi, and announced plans for four additional stores in Pune, Bengaluru, Delhi-NCR, and Mumbai.
According to Counterpoint Research, Apple's iPhone held a 21.6% market share in India for the September 2024 quarter, placing it just behind Samsung. Product sales rose by 4.12% to $69.95 billion year-on-year (YoY), with iPhone sales up 5.5% to $46.22 billion. Service revenue saw a notable 12% growth, reaching an all-time high of $24.97 billion.
iPad sales in India were especially strong, increasing by approximately 8% YoY to $6.95 billion, with double-digit growth noted in emerging markets like Mexico, Brazil, and the Middle East, said Luca Maestri, Apple’s Senior Vice President and Chief Financial Officer.
Despite Apple’s global growth, sales in China remained flat for the quarter and declined by 8% annually. While annual product sales dropped slightly by 2% to $185.23 billion, services revenue rose marginally.
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Trump says EU has until July 4 to approve last year's trade deal or it will face higher tariffs
Washington (AP): President Donald Trump has said in a social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year's trade framework by July 4.
The announcement on Thursday appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25 per cent tariff starting this week. Trump made the updated announcement after what he described as a "great call" with European Commission President Ursula von der Leyen.
Still, the US president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the US Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
"A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" Trump posted. "I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels."
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the US would charge a 15 per cent tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10 per cent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
