Apple Crosses $100 Bn Revenue Mark on iPhone 17 Demand, Record India Sales

Apple’s revenue between July and September crossed the $100-billion mark for the first time, reaching $102 billion. The 8% year-on-year growth of the iPhone maker was partly driven by record earnings in India.

During the post-quarter earnings call, Apple CEO Tim Cook said that the US firm had achieved an all-time revenue record in India.

“We grew in the vast majority of markets we track and had September-quarter revenue records in dozens of markets... We also set a September-quarter revenue record in emerging markets and an all-time revenue record in India,” he told analysts on Thursday.

Cook noted that part of the growth came from Apple’s two new retail stores in India, launched earlier this year.

According to IDC India, Apple is on track to sell 15.5 million iPhones in the country in 2025, marking a nearly 25% year-on-year increase. This growth comes even as overall smartphone shipments in India are projected to fall 4% over the next five years to 155 million units by December.

IDC’s preliminary forecast also indicates that Apple is set for a record quarter in Q3 2025, with around 5 million iPhones expected to ship out of the total 46–48 million smartphones likely to be sold in India.

Globally, Apple reported earnings per share of $1.85 for the quarter ending 27 September, beating the LSEG consensus estimate of $1.77. However, iPhone sales fell short at $49.03 billion versus the estimated $50.19 billion, while Mac revenue edged past forecasts at $8.73 billion against $8.59 billion. iPad revenue stood at $6.95 billion, nearly matching the $6.98 billion estimate. Revenue from Other Products reached $9.01 billion, surpassing projections of $8.49 billion, while Services delivered $28.75 billion, also above the expected $28.17 billion.

“iPhone revenue was $49 billion, up 6% year-over-year, driven by the iPhone 16 family. iPhone grew in the vast majority of the markets we track, with September-quarter records in many emerging markets, including Latin America, the Middle East, and South Asia, and an all-time record in India. The iPhone active installed base grew to an all-time high, and we set a September-quarter record for upgraders,” Apple CFO Kevan Parekh told analysts.

The iPhone 17 series is performing better than the iPhone 16 line-up, with the base version doing well across regions due to its strong value proposition, according to Counterpoint Senior Analyst Varun Mishra. He noted that the iPhone 16e has further broadened Apple’s portfolio.

“We saw 9% year-on-year growth in shipment volumes, which successfully offset the slight decline in average selling price (ASP) due to the broader product mix. This positive momentum is supported by strong growth in emerging markets, a trend we expect to continue,” Mishra wrote in a note on 30 October.

Counterpoint Research Director Tarun Pathak added, “Services have emerged as one of the anchors for Apple’s revenue growth and margins. Apple’s ecosystem becomes so powerful with services integrated at multiple touchpoints of core use cases like storage, payments, insurance and entertainment... Further, as iPhone penetration grows in emerging markets, services growth will follow.”