‘That’s why we’re invested in it’, Apple CEO Tim Cook reveals ‘bullish’ India approach
Apple CEO Tim Cook said he was “very optimistic about India” and described the country as a key focus and an “extremely exciting market” where the tech giant is placing “a huge amount of significant energy” through investment, retail and online presence.
Apple on Thursday reported revenue of $117.2 billion (roughly Rs 9,61,775) for the December quarter and set an “all-time revenue” record in several markets, including Canada, Indonesia, Mexico , Spain, Turkey and Vietnam, along with quarterly records in Brazil and India.
Revenue of $117.2 billion was down 5% year-on-year, from nearly $124 billion (approximately Rs 10,20,154) in December 2021 “due to a challenging environment”. “We’ve actually done pretty well through COVID in India. And now I’m even more optimistic on the other side of it, or hopefully, on the other side of it. And that’s why we invest in it. We’re bringing retail there and bringing the online store there and putting a significant amount of energy there. I am very optimistic about India,” Chef said at an earnings call after Apple reported financial results for the first quarter of fiscal year 2023 ending December 31, 2022.
He was answering a question about Apple’s plans for India as the market emerges from the COVID-19 pandemic.
Responding to another question about Apple making strides in India, Cook said, “Looking at our business in India, we’ve set a record quarterly revenue and double-digit growth. strong compared to the same period last year.
“And so we’re very pleased with how we’ve performed, and that’s — that’s despite the setbacks we’ve talked about,” Cook said, adding that “backwards” One step back, India is a hugely exciting market for us and a major focus. We’ve got the online store there in 2020. We’ll be bringing the Apple retail store there soon.” giving people more options to buy from. And so there’s a lot going on. out there,” he said.
Apple CFO and Senior Vice President Luca Maestri said iPhone revenue was $65.8 billion (approximately Rs 5,41,340) despite significant obstacles in foreign exchange and limited supply across the world. iPhone 14 Pro and iPhone 14 Pro Max and a challenging macroeconomic environment.
“Despite these circumstances, we have set all-time iPhone sales records in Canada, Italy, and Spain, and have seen strong growth in several emerging markets, including all-time iPhone sales records in India and Vietnam,” said Maestri.
Maestri added that in emerging markets, specifically, the install base grew by double digits, and Apple had record conversions in India and Mexico. He said the company’s growth is coming from every major product category and geographic segment, with strong double-digit growth in emerging markets such as Brazil, Mexico, India, Indonesia, and Thailand. and Vietnam.
In a statement, Cook said that in the December quarter, Apple hit a major milestone and now has more than two billion active devices as part of its growing install base.
“As we all continue to navigate in a challenging environment, we pride ourselves on having the best line of products and services ever, and as always, we remain focused on the long term. limit and lead with our values in everything we do,” Cook said.