Apple’s revenue in India jumped 42% year-over-year in 2023 to $8.7 billion – Morgan Stanley

Apple’s work in India is finally beginning to pay off. The company’s revenue in India soared 42% year-over-year in 2023 to $8.7 billion, Morgan Stanley reported in a note to clients on Friday.
Manish Singh for TechCrunch:
‎

The iPhone shipments in India grew 39% year-on-year in 2023 to 9.2 million units, making it iPhone’s fifth largest smartphone market. India’s iPhone business is now larger than any standalone country in the European Union, Morgan Stanley added.
“This means that in CY23, India represented 4% of iPhones shipments and revenue, up from 3% in CY22 and 1% 5 years ago. This compares to China iPhone shipments, which represented 20% of iPhone shipments and revenue in CY23 (down 1-2 points Y/Y, respectively),” the analysts wrote.
“Ultimately, this means that India as a standalone market is still not big enough to offset the declines we are seeing in the Chinese market today, but if India continues to grow at the same trajectory while China iPhone shipments stay flat, India would be a bigger iPhone market than China by 2027.”

‎
MacDailyNews Take: It bears repeating: “India’s iPhone business is now larger than any standalone country in the European Union… [I]f India continues to grow at the same trajectory while China iPhone shipments stay flat, India would be a bigger iPhone market than China by 2027.”
‎
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
The post Apple’s revenue in India jumped 42% year-over-year in 2023 to $8.7 billion – Morgan Stanley appeared first on MacDailyNews.