Apple CEO Tim Cook has mentioned he’s “very bullish on India” and described the nation as a serious focus and “hugely exciting market” where the technology giant is putting a “significant amount of energy” through investments, retail and online presence.
Apple on February 2 reported revenue of $117.2 billion for the December quarter and set “all-time revenue” records in a number of markets, including Canada, Indonesia, Mexico, Spain, Turkey and Vietnam, along with quarterly records in Brazil and India. The $117.2 billion revenue was down 5% year-over-year, from nearly $124 billion in December 2021 “as a result of a challenging environment.” “We actually did fairly well through COVID in India. And I’m even more bullish now on the other side of it, or hopefully, on the other side of it. And that’s the reason why we’re investing there. We’re bringing retail there and bringing the online store there and putting a significant amount of energy there. I’m very bullish on India,” Mr. Cook said at an earnings call after Apple reported financial results for its fiscal 2023 first quarter ended December 31, 2022.
He was responding to a question on Apple’s plans for India as the market emerges from the COVID-19 pandemic.
Responding to another question on Apple making strides in India, Mr. Cook said “looking at the business in India, we set a quarterly revenue record and grew very strong double digits year-over-year.
“And so we feel very good about how we performed, and that was — that’s despite the headwinds that we’ve talked about,” Mr. Cook said, adding that “taking a step back, India is a hugely exciting market for us and is a major focus. We brought the online store there in 2020. We will soon bring Apple retail there.” “So we’re placing quite a lot of emphasis in the marketplace. There’s been so much completed from financing choices and trade-ins to make merchandise extra reasonably priced and provides individuals extra choices to purchase. And so there’s so much occurring there,” he mentioned.
Apple Chief Financial Officer and Senior Vice President Luca Maestri mentioned that iPhone income was $65.8 billion regardless of important international change headwinds, provide constraints on iPhone 14 Pro and iPhone 14 Pro Max and a difficult macroeconomic setting.
“In spite of these circumstances, we set all-time iPhone revenue records in Canada, Italy and Spain, and saw strong growth in several emerging markets, including all-time iPhone revenue records for India and Vietnam,” Mr. Maestri mentioned.
Mr. Maestri added that in rising markets, particularly, the put in base grew double digits, and Apple had report ranges of switchers in India and Mexico. He mentioned progress for the corporate is coming from each main product class and geographic section, with sturdy double-digit will increase in rising markets resembling Brazil, Mexico, India, Indonesia, Thailand and Vietnam.
In a press release, Mr. Cook mentioned that throughout the December quarter, Apple achieved a serious milestone and now has greater than two billion energetic gadgets as a part of its rising put in base.
“As all of us proceed to navigate a difficult setting, we’re proud to have our greatest lineup of services ever, and as all the time, we stay targeted on the long run and are main with our values in the whole lot we do,” Mr. Cook mentioned.