Apple Hits Record India Revenue in Dec Quarter, To Open Second Mumbai Store Soon

Apple reported record sales in India in the first quarter of its fiscal year 2026, CEO Tim Cook said on Thursday while speaking to analysts during the December-quarter earnings call. Apple posted a 16% year-on-year (YoY) jump in revenue to $144 billion, its highest ever, driven largely by a strong iPhone upgrade cycle. iPhone revenue rose 23% YoY to a record level, according to Counterpoint Research.

Both hardware and services revenues touched all-time highs, with hardware growing 16% YoY and services rising 14% YoY. For the full calendar year 2025, Apple’s revenue crossed $435 billion, marking a new record.

On India, Cook said Apple “set a quarterly revenue record during December”. While the company did not disclose India-specific numbers, he noted, “We set quarterly revenue records on iPhone, Mac and iPad, and an all-time revenue record on services. So it was a terrific quarter in India.”

“We really like what we see there. It is the second-largest smartphone market in the world and the fourth-largest PC market. Despite a very nice growth history, we still have a modest share there, so we think there is a huge opportunity for us. We could not be more excited about it,” Cook added.

Apple CFO Kevan Parekh said the company is also seeing strong double-digit growth in its installed base in India, which he described as “really encouraging”.

Tim Cook also announced that Apple plans to open “another store in Mumbai soon”. It was earlier reported that the store will be located in at the Oberoi Sky City Mall in Borivali. The company had opened its first store in BKC Mumbai. Its fifth India store in Noida was opened on December 11.

Q1 Earnings Hit Record

Globally, iPhone sales hit a record in the first quarter, crossing $85 billion for the first time in a single quarter and marking a fourth consecutive period of growth. Apple also emerged as the world’s top smartphone brand in both full-year 2025 and the December quarter, according to Counterpoint. Growth was seen across emerging markets as well as the US and Japan, while China stood out as a key contributor. iPhone shipments in China jumped 30% YoY, a sharp reversal for a market that had seen only modest growth recently, strengthening Apple’s position in the premium segment.

Mac revenue declined 7% from a year earlier, reflecting a tough comparison with 2024, when a major Mac refresh featuring M4 models had boosted sales. iPad revenue increased, supported by new launches and higher average selling prices following the introduction of the iPad Pro. Services continued to post double-digit growth. Revenue from Wearables, Home and Accessories fell overall, although Apple Watch sales improved. Preliminary estimates from Counterpoint Research suggest watch shipments rose 15% YoY, extending growth into a second consecutive quarter.

“Apple entered 2025 under a cloud of scepticism around perceived AI inertia, hardware stagnation and intensifying geopolitical and tariff pressures. However, the year’s conclusion tells a story of remarkable resilience,” said Tarun Pathak, director at Counterpoint Research, in a note on Friday. He added that Apple has once again validated its status as the world’s most resilient tech company, “proving its ecosystem and supply chain prowess is as much a fortress as it is a growth engine.”