India is at a “tipping point” and a significant focus for Apple, the expertise large’s CEO Tim Cook has stated, terming the opening of its first two retail stores in the nation – in Mumbai and Delhi – as a “milestone” for the corporate.
Speaking at Apple’s Q2 2023 earnings name on Thursday, Mr. Cook emphasised the dynamism and vibrancy in the Indian market, calling it “unbelievable”.
“Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year. So it was quite a good quarter for us. Taking a step back, India is an incredibly exciting market. It’s a major focus for us,” Mr. Cook said.
Also Read:‘I’m very bullish on India’: Apple CEO Tim Cook
Referring to his recent visit to India, Mr. Cook said in the earnings call, “I was just there, and the dynamism in the market, the vibrancy is unbelievable.” Mr. Cook was in India in April, his first trip to the country in seven years, to open Apple’s first official retail store in the country, in Mumbai, followed by the launch of a second store in New Delhi. Mr. Cook said the stores are “off to an incredible begin.” Terming the opening of Apple’s first two stores in Mumbai and Delhi as a “milestone” for the corporate, the Apple CEO stated, “…in a milestone for Apple, we simply opened our first two Apple stores in India, in Mumbai and Delhi. I used to be there to see it for myself, and I could not have been extra delighted by the thrill and enthusiasm of the shoppers, builders, creators and crew members I bought to spend time with.”
“I’ve had the chance to connect with customers and teams all around the world in recent months, so many people shared with me that they were fans of Apple, not just because of the innovations we create, but because of the values that guide us, and that means a great deal to us,” he said.
He said that Apple has been expanding its operations in India to serve more customers.
“We’ve got a number of channel partners in the country as well that we’re partnering with, and we’re very happy with how that’s going overall. Overall, I couldn’t be more delighted and excited by the enthusiasm I’m seeing for the brand there,” Mr. Cook said.
He added that many people are “coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there.” On Apple’s performance in other emerging markets, Mr. Cook said the company had a stellar quarter in emerging markets overall, with records set in several places, including Indonesia and Mexico, the Philippines, Saudi Arabia, Turkey, UAE, and quarterly records set in Brazil, India and Malaysia.
“It was a great quarter for emerging markets in general, despite the headwinds of the currency… and so we’re putting efforts in a number of these markets and really see, particularly given our low share and the dynamics of the demographics, et cetera, a great opportunity for us in those markets,” he said.
Apple reported revenue of $94.8 billion for the March quarter and set an “all-time record” for services and a March quarter record for iPhone.
Responding to a question comparing the market in India today and that in China a decade ago, Mr. Cook said each country is different and has its journey, “So I hesitate to compare too much. But what I do see in India is a lot of people entering the middle class, and I’m hopeful that we can convince some number of them to buy an iPhone, and we’ll see how that works out. But right now, it’s working out well.” In response to another question on which segment he sees the biggest opportunity for Apple in India, he said there is an opportunity across the board, including in services.
“Obviously, the average revenue per user (ARPUs) are lower in India for whether you’re talking about TV and movie streaming or music, the ARPUs are much lower than other regions. But if you look at it over a long arc of time, I think there’s a good opportunity across the board,” he said.
Mr. Cook also met Prime Minister Narendra Modi during his recent visit.
Mr. Cook also took to Twitter and said, “Thank you, Prime Minister @narendramodi for the warm welcome. We share your vision of the positive impact technology can make on India’s future — from education and developers to manufacturing and the environment, we’re committed to growing and investing across the country.” Mr. Cook had last visited India in 2016 when the tech giant began scaling up operations in the country.
Also Read:Apple CEO meets PM Modi, commits to progress and funding
The firm has arrange a two-storey Apple retailer in Mumbai, masking an space of round 20,000 sq. toes. The Apple Saket Store in Delhi is half the dimensions of the Mumbai retailer. The barricade for the Apple Saket retailer encompasses a distinctive design that takes inspiration from the capital’s many gates.
The firm has greater than 70 extremely expert retail crew members at Apple Saket Store, who come from a mixed 18 states in India and collectively communicate greater than 15 languages.
