Apple CEO Tim Cook, CEO attributed the company’s better than expected June quarter earnings to new revenue records in India and an other regions.
“Apple is reporting a new June quarter revenue record of $85.8 billion, up 5% from a year ago, and better than we had expected… We also set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand. And we set an all-time revenue record in services, which grew 14%,” Cook said in the earnings call after the Q3 results were announced.
“During the quarter, we were excited to announce incredible updates to our software platforms at our Worldwide Developers Conference, including Apple Intelligence, a breakthrough personal intelligence system that puts powerful, private generative AI models at the core of iPhone, iPad, and Mac. We very much look forward to sharing these tools with our users, and we continue to invest significantly in the innovations that will enrich our customers’ lives, while leading with the values that drive our work,” he added.
In the earnings call, Luca Maestri, Senior Vice President and Chief Financial Officer, said Mac generated $7 billion in revenue, up 2% year-over-year, driven by the MacBook Air powered by the M3 chip. “We saw particularly strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia.”
Cook said they are “excited about Apple Intelligence” and “remain incredibly optimistic about the extraordinary possibilities of AI and its ability to enrich customers’ lives”. He added: “We will continue to make significant investments in this technology and dedicate ourselves to the innovation that will unlock its full potential.”
The Apple CEO said: “With each innovation, we’re unlocking new ways of working, new ways of learning, and new ways of tapping into the unlimited promise of human potential. We are doing that across every product and every service.” He elaborated that Apple Intelligence will be on “pretty much all of the apps that you use every day”, and “so there is been a deep level of thinking about how it affects those apps”. This, he said, is “going to surface Apple Intelligence in a way that is natural to the user, in a way that will I think, get them very excited about it and get usage”.