Apple Inc (NASDAQ:AAPL) sales have taken off in India this year, growing by nearly 50% through March compared to 2022.
Revenue in India reached nearly $6 billion, up from $4.1 billion through March 2022, according to a Bloomberg report that cited a person familiar with the matter.
Apple has been ratcheting up production of iPhones in India, which currently accounts for almost 7% of total iPhone production. The company has built more than $7 billion worth of iPhones in India in the last fiscal year, according to reports.
Apple is also expanding in the country with two new stores in Mumbai and New Delhi this year.
However, that growth comes as Apple’s profits last quarter missed Street expectations for the first time since 2016, and iPhone sales fell for the first time since 2020.
Shares of Apple traded 0.2% lower Monday morning at $164.82.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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