Apple records double-digit growth in March quarter, Cook ‘over the moon’ over Indian opportunity

Cook, reported an 18th consecutive record quarter before handing the reins to John Ternus, and would lead one final quarterly call in June.

For the latest 2026 quarter, Apple globally reported net sales of $111.18 billion, up from $95.36 billion a year earlier, while net income rose to $29.57 billion from $24.78 billion. Growth was led by iPhone sales and continued strength in services.

Core Strategic Pillar

Even as the tech giant’s current market share remains relatively modest in the country, the results underscore how India is fast moving from a peripheral market to a core component in Apple’s emerging markets strategy.

“It has been wonderful to see how we have continued to grow in India in recent years, part of our larger efforts to connect with even more customers in emerging markets all over the world… I think it is a huge opportunity for us. We have been focused on this for a while,” Cook said, noting that India is the world’s second-largest smartphone market and third-largest PC market. “Despite doing extremely well there, we still have a modest share, which speaks to the opportunity we have.”

Country-specific revenue figures were not disclosed separately, although the Indian growth has been attributed to the expanding middle class, accelerating premiumisation in smartphones, and a large base of first-time users entering Apple’s ecosystem.

Cook added that India’s middle-class expansion is pertinent to Apple’s global plans. Across categories, from iPhones to Macs, iPads and Watches, more than half of customers in India are new to the product, displaying strong first-time adoption and a rapidly expanding install base. “Net net, I am over-the-moon excited about India,” he said.

Ecosystem Expansion

Apple also posted double-digit growth in iPad sales in India during the March quarter, a trend that analysts say simultaneously signals a maturing customer base with rising adoption beyond smartphones. Cook also pointed towards enterprise traction, citing an order of around 5,000 MacBook Air and MacBook Pro units from Freshworks for its India workforce, testifying the growing demand from corporate clients.

The sales also draw focus towards the premiumisation trend in India’s smartphone market. Even as volumes remain price-sensitive, consumers prefer upgrading to higher-end devices, supported by rising incomes and financing options such as EMIs.

At the same time, the market is navigating supply-side pressures. A sharp rise in memory chip costs has increased device manufacturing expenses, with memory accounting for as much as 35–40% of total costs versus about 10% earlier, as per analysts. This has put pressure on entry-level devices while leaving premium segments relatively insulated .

Analysts say Apple’s growth in India is heavily being driven by its ecosystem rather than standalone hardware sales.

“Apple ecosystem understanding is increasing among users in India,” said Faisal Kawoosa, chief analyst at Techarc, adding that users often start with an iPhone and expand into other Apple devices for a seamless experience. The company’s retail expansion is also helping deepen this engagement by allowing customers to experience multiple products firsthand. Apple recently opened its sixth retail store, latest one being at Borivali, Mumbai.

Apple has however begun lowering entry barriers to its ecosystem through relatively more accessible pricing tiers and product options aimed at students and younger consumers.

Kawoosa said this ‘lower threshold’ strategy has not yet fully reflected in current results, as it is a relatively recent shift, but is expected to show up more clearly in the coming quarters as adoption scales up.

Tarun Pathak, director of research at fellow market research firm Counterpoint India, said that Apple has remained the leading company by value for the third successive quarter in India, with a value share of over 25% and a volume share of 9%, driven by the sustained momentum of the iPhone 17 series. 

Despite this, the company’s annual growth is expected to be moderating to about 12%, overall marking the slowest growth in iPhone sales in eight years, reflecting the turbulences ahead.