Tim Cook
Apple CEO Tim Cook has described India as an incredibly exciting market and a major focus for the company, noting that business in India set a quarterly record, and grew very strong, double-digits year over year.
During the company’s Q2 earnings call, Apple CEO Tim Cook stated that India is at a tipping point.
Apple embarked on an ambitious retail expansion in India this month, opening two stores in Mumbai and Delhi during Cook’s first visit to the nation in seven years.
During the quarterly earnings call, he stated that the two stores are off to a great start.
Mr. Cook said, “Looking at the business in India, we did set a quarterly record, grew very strong, double-digits year-over-year. So it was quite a good quarter for us, taking a step back, India is an incredibly exciting market”.
The Apple CEO complimented the market’s dynamism and claimed its vibrancy was unbelievable.
Mr. Cook further said, “It’s a major focus for us. I was just there, and the dynamism in the market, the vibrancy is unbelievable”.
“Over time, we’ve been expanding our operations there to serve more customers, and three years ago, we launched the Apple Store online, and then, as you just mentioned, we launched two stores just a few weeks ago, and they’re off to a great start, one in Mumbai and one in Delhi”, he continued.
Apple has several channel partners in the country and is very pleased with how things are going overall.
Mr. Cook went on to say, “Overall, I couldn’t be more delighted and excited by the enthusiasm I’m seeing for the brand there. There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there”.
Mr. Cook met Prime Minister Narendra Modi, Minister for Electronics and IT Ashwini Vaishnaw, and Minister of State for IT Rajeev Chandrasekhar during his recent India trip, during which he pledged the company’s investment commitment to India.
Looking to repeat what China has done to Apple’s business over the previous 15 years, the tech behemoth is eyeing India’s large market with a rising middle class to drive sales growth and potentially make it a home base for the production of millions of Apple gadgets.
The new outlets in Mumbai and Delhi come as Apple attempts to expand its retail presence in India, the world’s second-largest smartphone market.
As a result, as Apple diversifies its supply chains away from China, India is home to factories that make 5% of total iPhones.
Mr. Cook said, “And as I noted earlier, in a milestone for Apple, we just opened our first two Apple stores in India, Mumbai, and Delhi. I was there to see it for myself, and I couldn’t have been more delighted by the excitement and enthusiasm of the customers, developers, creators, and team members I got to spend time with”.
Apple has released its financial results for the fiscal 2023 second quarter, which concluded on April 1, 2023. The corporation reported quarterly revenue of USD 94.8 billion, a 3% decrease year on year.
Tim Cook stated, “Today, we’re reporting revenue of USD 94.8 billion for the March quarter, which was better than our expectations. We set an all-time record for services and a March quarter record for iPhone”.
“We were particularly pleased with the performance we saw in emerging markets and achieved all-time records in Mexico, Indonesia, the Philippines, Saudi Arabia, Turkey, and the UAE, as well as a number of March quarter records, including in Brazil, Malaysia, and India”, he added.
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