Apple Inc.’s revenue for the last financial year, which ended in March, exceeded $10 billion for the first time, up from nearly $9 billion a year earlier, according to Bloomberg, citing a source familiar with the matter.
According to the source, the bulk of the revenue came from iPhone sales, whilst demand for iPads and MacBooks also rose.
Despite significant sales growth, India, the world’s most populous country, remains a relatively small market for Apple. By way of comparison, the company’s revenue in China alone amounted to $18.8 billion in the last quarter.
Dollar-denominated earnings in India are under pressure from the weakening of the national currency: since the start of last year, the rupee has depreciated by around 10 per cent against the US dollar. Furthermore, demand is being held back by high taxes, which is why the cheapest iPhone 17 model in India costs around $870, compared with $799 in the US.