Very bullish on India: Apple’s Tim Cook
APPLE CEO Tim Cook has said he is ‘very bullish on India' and described the country as a major focus and ‘hugely exciting market' where the technology giant is putting a ‘significant amount of energy' through investments, retail and online presence.
Apple on Thursday (2) reported revenue of $117.2bn for the December quarter and set ‘alltime revenue' records in a number of markets, including Canada, Indonesia, Mexico, Spain, Turkey and Vietnam, along with quarterly records in Brazil and India.
The revenue was down 5 percent year-overyear, from nearly $124bn in December 2021 ‘as a result of a challenging environment.'
‘We actually did fairly well through Covid in India. And I'm even more bullish now on the other side of it, or hopefully, on the other side of it. And that's the reason why we're investing there. We're bringing retail there and bringing the online store there and putting a significant amount of energy there. I'm very bullish on India,' Cook said at an earnings call.
He was responding to a question on Apple's plans for India as the market emerges from the Covid-19 pandemic. Responding to another question on Apple making strides in India, Cook said ‘looking at the business in India, we set a quarterly revenue record and grew very strong double digits year-over-year.
‘And so we feel very good about how we performed, and that was - that's despite the headwinds that we've talked about,' Cook said, adding that ‘taking a step back, India is a hugely exciting market for us and is a major focus. We brought the online store there in 2020. We will soon bring Apple retail there."
‘So we're putting a lot of emphasis on the market. There's been a lot done from financing options and trade-ins to make products more affordable and give people more options to buy. And so there's a lot going on there,' he said.
Apple CFO and Senior Vice President Luca Maestri said that iPhone revenue was $65.8bn despite significant foreign exchange headwinds, supply constraints on iPhone 14 Pro and iPhone 14 Pro Max and a challenging macroeconomic environment.
‘In spite of these circumstances, we set alltime iPhone revenue records in Canada, Italy and Spain, and saw strong growth in several emerging markets, including all-time iPhone revenue records for India and Vietnam,' Maestri said.