Apple’s CEO, Tim Cook, expressed his excitement about the company’s entry into the Indian market. He recently inaugurated Apple stores in Mumbai and Delhi and said that he had never been happier with the vitality and energy of the customers, developers, makers, and colleagues he had met in India.
Apple’s second-quarter results were “surprisingly good” with a quarterly revenue of $94.8 billion, setting an excellent record for the company and an all-time record for iPhone sales.
Cook also mentioned that the company was particularly satisfied with the introduction of new trade segments in countries such as Mexico, Indonesia, the Philippines, Saudi Arabia, Turkey, and the UAE, and set new records in Brazil, Malaysia, and India.
CEO TIM COOK
India is a particularly exciting market for Apple, and the company has been investing heavily in it. Its business in India grew in double digits year-over-year, and Cook expressed his satisfaction with the pace at which the trade is expanding to serve more customers.
Apple has prioritized India as a market over the past few years, not only to expand sales of its products but also to establish a market for product assembly there.
India exports iPhones worth billions of dollars, and Foxconn, the country’s largest electronic goods manufacturer, assembles many of these phones.
Apple has made a successful retail push in India, starting with the launch of its online store and expanding to two offline locations. Cook mentioned that they have been expanding their operations in India over time to serve more customers, and the recent launch of two additional stores, one in Mumbai and one in Delhi, has been off to a great start.
While Apple’s quarterly revenue decreased by 3% compared to the previous year, Cook remains optimistic about the company’s prospects in India.
He mentioned that they were able to convince some customers to purchase an iPhone, and he hopes to see how that works out in the long run.
However, he also acknowledged that there are challenges in the Indian market, such as lower Average Revenue Per User (ARPU) compared to other regions in terms of music, TV, or movie streaming.
Overall, Cook believes that India is at a tipping point, and he is excited to be there. He mentioned that there are many people coming into the middle class, and he sees a great opportunity for Apple to establish a strong presence in India.
As the Indian market continues to grow and evolve, Apple will undoubtedly continue to invest in it and cater to the needs of its customers.