Published By: Mohammad Haris
Last Updated: November 03, 2023, 18:08 IST
Describing India as a significant focus for Apple, CEO Tim Cook has mentioned the tech big has a low share in the nation’s massive market and there’s a “lot of headroom” and “positives” there for the corporate. We had an all-time income report in India. We grew very sturdy double-digits. It’s an extremely thrilling marketplace for us and a significant focus of ours, Cook mentioned Thursday throughout Apple’s Q4 2023 earnings convention name.
He added that Apple has a “low share in a big market, and so it will appear there’s a number of headroom there. Cook was responding to a query on momentum in India and progress alternative in {hardware} models.
Cook underscored that Apple sees a unprecedented market in India, “lots of people transferring into the center class, distribution is getting higher, a number of positives. The firm has arrange two retail shops in Mumbai and Delhi and Cook mentioned they’re doing higher than we anticipated. It’s nonetheless early going, however they’re off to a very good begin and I couldn’t be happier with how issues are going in the mean time.
Apple introduced monetary outcomes for its fiscal 2023 fourth quarter ended September 30, 2023. The firm posted quarterly income of USD 89.5 billion, down one per cent yr over yr from USD 90.1 billion. Cook famous that Apple achieved an all-time income report in India, in addition to September quarter data in a number of international locations, together with Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE and Vietnam amongst others.
iPhone income got here in forward of the corporate’s expectations, setting a September quarter report, in addition to quarterly data in many markets, together with China mainland, Latin America, the Middle East, South Asia and an all-time report in India, he mentioned. Responding to a query on a comparability between Apple’s progress momentum in India and China over time, Cook mentioned every nation has its personal journey and he wouldn’t wish to play the comparability sport.
Apple CFO Luca Maestri famous that the corporate is especially happy with its efficiency in rising markets with income reaching an all-time report in fiscal 2023 and double-digit progress in fixed foreign money. We are increasing our direct presence in these markets from new Apple retail shops in India to on-line shops in Vietnam and Chile, Maestri mentioned.
Cook was in India in April, his first journey to the nation in seven years, to open Apple’s first official retail retailer in the nation in Mumbai, adopted by the launch of a second retailer in New Delhi. The Apple CEO had termed the opening of Apple’s first two shops in India as a milestone for the corporate.
(This story has not been edited by News18 employees and is printed from a syndicated information company feed – PTI)
