Apple Exceeds Expectations: iPhone Shipments Surge in Q2 2024
Apple's iPhone shipments rose in Q2 2024, driven by discounts and growth in emerging markets. While facing challenges in China, Apple's shift to India and new AI advancements set the stage for future success. Explore the key trends and what's ahead.
Apple saw strong iPhone shipment growth in Q2 2024, driven by aggressive price discounts on the iPhone 15 series and older models. This strategy boosted sales in emerging markets like India, Southeast Asia, and Central Latin America, helping Apple secure a significant market share despite declines in China and Central Eastern Europe.
Apple's shift in manufacturing from China to India is a key development, with India now playing a crucial role in both production and sales. This move is strategic, positioning India as a new growth engine for the company, with plans to expand production further in the coming months.
On the innovation side, Apple introduced its new AI solution, Apple Intelligence, at WWDC 2024. While this could drive upgrades in developed markets, the increased mix of legacy models and price cuts led to a slight decline in average selling prices, impacting revenue. Still, Apple remains optimistic about the second half of 2024, particularly with the upcoming iPhone 16 launch.
