May 03, 2024 08:30 AM IST
Apple CEO Tim Cook on India: Apple’s overall revenue declined 4% owing to a fall in iPhone sales by as much as 10% compared to the same period last year.
Apple CEO Tim Cook talked about the company’s performance in India during the earnings call in which it was announced that the iPhone maker set revenue records in India in the quarter ended March 2024. This comes as Apple’s overall revenue declined 4% owing to a fall in iPhone sales by as much as 10% compared to the same period last year.
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Tim Cook said, “We did grow strong by double-digit, and so we were very, very pleased with that. It was a new March quarter revenue record for us. As you know, as I’ve said before, I see it as an incredibly exciting market and it’s a major focus for us.”
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The company has set a six-month revenue record in India, among other emerging markets, Apple’s chief financial officer Luca Maestri said, adding, “We were particularly pleased with our strong momentum in emerging markets, as we set first-half revenue records in several countries and regions including Latin America, the Middle East, India, Indonesia, the Philippines, and Turkey.”
“We are happy because these are markets where our market share is low, the populations are large and growing, and our products are really making a lot of progress in those markets. The level of excitement for the brand is very high,” Luca Maestri said.
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Tim Cook on Apple’s iPhone production in India
Tim Cook said that Apple is producing iPhone in India to stay competitive and the company’s growth in the India market is linked to its operational expansion.
“From a pragmatic point of view, you need to produce there to be competitive, and so, yes, the two things are linked from that point of view, but we have both operational things going on and we have go to market and initiatives going on,” he said.
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