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Apple’s India revenue up 42% to $8.7 billion in 2023, says American firm Morgan Stanley

IndianStartupNews · 1y

Apple's financial performance in India has experienced a significant surge, with revenues increasing by 42% to $8.7 billion in 2023, according to a report by Morgan Stanley. This growth is reflected in iPhone shipments, which grew by 39% to 9.2 million units. The report highlights the increasing importance of the Indian market for Apple, suggesting that India could surpass China as a larger iPhone market by 2027. The Indian government's policies to boost local manufacturing, coupled with Apple's strategy to increase production in the country, have contributed to this growth.