Apple Posts Record Revenue in India, Sees ‘Huge Opportunity’
Apple has set a new quarterly revenue record in India, with CEO Tim Cook highlighting “very strong” double-digit growth and calling the market a “major focus” for the tech giant.
Key Takeaways
- Apple achieved a quarterly revenue record in India with strong double-digit growth.
- CEO Tim Cook describes India as a “hugely exciting” market with “unbelievable” dynamism.
- The positive performance in India and other emerging markets contrasts with a 4% dip in Apple’s global revenue for the March quarter.
Cook Bullish on Indian Market Potential
During Apple’s recent earnings call, Tim Cook expressed strong optimism about the company’s trajectory in India, the world’s second-largest smartphone market.
“We set a quarterly record in India. We grew very strong, double digits. And so we feel very good about how we performed, and we’re bringing all of our forces to bear there,” Cook told analysts.
He emphasized the market’s strategic importance, stating, “I see it as a hugely exciting market and it’s a major focus for us.” Cook’s confidence follows a recent visit to the country.
“I was just there, and the dynamism in the market, the vibrancy, is unbelievable,” he said.
This growth builds on Apple’s increased physical presence, having opened its first two official retail stores in India last year.
Emerging Markets Shine Amid Global Dip
Apple’s success in India was part of a broader positive trend in emerging markets, even as the company faced headwinds globally.
Cook said the company was “very pleased” with growth in these regions, noting iPhone sales records in India, Indonesia, the Philippines, Saudi Arabia, Turkey, and the UAE. March quarter records were also set in Latin America, the Middle East, South Asia, and other parts of Asia Pacific.
This performance offset some challenges elsewhere. For the overall March quarter:
- Apple’s total revenue declined 4% to $90.8 billion.
- Net income dipped 2% to $23.64 billion.
- iPhone sales specifically dropped 10% to $45.96 billion.
- Revenue from Greater China fell 8% to $16.37 billion.
Cook reiterated his bullish stance on India, concluding, “I see it as an incredibly exciting market and it’s a major focus for us.”
