Apple CEO Tim Cook said he was “very bullish on India,” describing the country as a key focus and “hugely exciting market” in which the tech giant is investing a “significant amount of energy” through investments, retail and online presence .
Apple on Thursday sales of 117.2 billion US dollars (about quarterly records in Brazil and India.
Revenue of US$117.2 billion fell 5 percent year-on-year from nearly US$124 billion (around Rs.10.20.154 billion) in December 2021 “as a result of a challenging environment”. “We actually weathered COVID pretty well in India. And I’m even more optimistic on the other side now, or hopefully the other side. And that’s why we’re investing there. We’re bringing retail there and the online store there, and we’re putting a significant amount of energy there. I’m very optimistic about India.” Cook said on a conference call after Apple reported financial results for the first quarter of fiscal 2023 ended December 31, 2022.
He answered a question about Apple’s plans for India as the market emerges from the COVID-19 pandemic.
In response to another question about Apple’s progress in India, Cook replied, “If we look at the business in India, we set a record quarterly revenue and grew very strongly at double-digit rates year-on-year.
“We feel very good about our performance and that was – despite the headwinds that we talked about,” said Cook, adding: “To take a step back, India is an extremely exciting market for us and a focus. We brought the online shop there in 2020. We’ll be bringing Apple retail there soon.” “So we’re putting a lot of emphasis on the market. A lot has been done to make products more affordable and selling products to give people more options to buy, so there’s a lot going on there,” he said.
Luca Maestri, Apple’s chief financial officer and senior vice president, said iPhone revenue was $65.8 billion (approx iPhone 14 pro And iPhone 14 pro max and a challenging macroeconomic environment.
“Despite these circumstances, we have set all-time iPhone sales records in Canada, Italy and Spain, and seen strong growth in several emerging markets, including all-time iPhone sales records in India and Vietnam,” said Maestri.
Maestri added that particularly in emerging markets, the installed base has grown at double-digit rates, with Apple seeing record levels of switchers in India and Mexico. He said the company’s growth came from all major product categories and geographic segments, with strong double-digit gains in emerging markets like Brazil, Mexico, India, Indonesia, Thailand and Vietnam.
In a statement, Cook said Apple reached a key milestone in the December quarter and now has more than two billion active devices as part of its growing installed base.
“As we all continue to navigate a challenging environment, we pride ourselves on having our best offering of products and services ever and, as always, we remain focused on the long term and lead with our values in everything we do,” said Cook .
