Apple's India iPhone business outpaces individual EU countries, Morgan Stanley says

Apple’s long-term bet on India is beginning to pay dividends. The company’s iPhone revenue in India jumped 42% year-on-year in 2023 to $8.7 billion, Morgan Stanley wrote in a note on Friday.The iPhone shipments in India grew 39% year-on-year in 2023 to 9.2 million units, making it iPhone’s fifth largest smartphone market. India’s iPhone business is now larger than any standalone country in the European Union, Morgan Stanley added.“This means that in CY23, India represented 4% of iPhones shipments and revenu ...