Tim Cook: Apple Sets A Quarterly Record In India, A Country At A Turning Point
A visit by Apple CEO Tim Cook to India was part of the launch of Apple Stores in the country. With the launch, Apple showed India’s importance in its plans more than any regular event. The company’s quarterly results announcement again highlighted India’s importance in Apple’s plans.
In the conference call announcing Apple’s earnings last quarter, Tim Cook mentioned India 20 times. Apple’s CEO said it was ‘unbelievable’ how vibrant the market was in India, highlighting the country’s tipping point. In India, many people are growing into middle-class status, and we are at a tipping point.
In addition, there is a lot of dynamism in the market. Cook told the news agency that there was a vibrancy in the atmosphere that was unimaginable. According to the company, it sold nearly $6 billion in India through March. The record sales further highlight India’s importance in Apple’s plans.
India, the world’s most populous country, is seen as a market and a production base for the company outside of China. Due to growing tensions between Washington and Beijing, the tech giant has been trying to reduce its dependence on China. According to reports, Foxconn Technology Group plans to invest nearly$ 700 million in a new plant in India to manufacture Apple’s iPhone.
The company will manufacture iPhone parts near Bengaluru, Karnataka, on a 300-acre site. As for Apple’s third-quarter earnings, they exceeded all expectations. As a result of generating $94.8 billion in revenue in the March quarter, the company reported a profit of $24 billion.
Although sales of many Apple products dropped significantly during the quarter, Apple still reported an impressive quarterly report. Although iPhone sales rose 1.5 per cent to $51.33 billion, Mac sales fell over 30% to $ 7.17 billion.
In the wearables business, including items like the Apple Watch and AirPods, the number dropped 1% to $ 8.76 billion. Apple’s service business rescued the company, however. The company generated $20.9 billion in revenue from products such as iCloud and Apple Pay.
Here’s Why iPhone Maker Is Bullish On India
According to Cook, India is the most relevant market and production base for iPhone, both as a product and as a market. As Cook noted in a call with analysts, India was at the tipping point of the middle class. Consider that Cook unveiled two Apple retail stores in India last month – one in Delhi and one in Mumbai.
After unveiling the first Apple stores in India, Cook met PM Narendra Modi to reiterate Apple’s commitment to India in marketing and manufacturing. Various functions within Apple have been brought here. From multiple perspectives, India is viewed as remarkable. We have a unique skill here in the vibrancy of our people and culture, the dynamism of our market, and the belief that anything is possible.
He had told reporters that there is a lot of reason to be optimistic about India’s future, and we want to be a part of it. As well as channel partners, Apple has several businesses in the country. Brazil, Malaysia, India, Indonesia, the Philippines, Saudi Arabia, Turkey and the UAE were among the countries where the company achieved several March quarter records.
As part of its expansion in India, the company has been providing more services to customers. Despite US-China tensions and a changing geopolitical landscape following the Russia-Ukraine crisis, Apple has been looking to diversify its production bases outside China.
Meanwhile, Apple’s quarterly results announced on Thursday exceeded expectations. A $6 billion sales figure was recorded by Apple for India in 2022.
Published by : Aliya Khan