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regular-article-logo Tuesday, 21 May 2024

Tim Cook heaps praises on India at earnings call

Apple CEO indicates his optimism over potential of the country in not only becoming a major market but also a key production base

Our Special Correspondent Mumbai Published 06.05.23, 04:22 AM
Tim Cook in India.

Tim Cook in India. File photo

Apple CEO Tim Cook heaped praises on India at an earnings call on Thursday, indicating his optimism over the potential of the country in not only becoming a major market but also a key production base.

Speaking to analysts at the post-earnings concall, Cook disclosed that the Cupertino, California-based major well-known for its mobile phones, notebooks and watches among others posted record sales during the March quarter in India. Last month, Cook had inaugurated Apple’s retail store in Mumbai and at the national capital, his first trip to the country in seven years.

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Calling their opening as a "milestone" development for Apple, Cook added that he was "delighted" by the excitement and enthusiasm of the customers, developers, creators and team members.

"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,” Cook said while saying that the country is at a "tipping point’".

Pointing out that India is an exciting market, Cook admitted that it is a major focus area for the company. He noted that over the years, Apple has been expanding its operations to serve more customers that saw it launching Apple Store online three years ago followed by the two stores in April. He disclosed that both these stores are ``off to a great start’’.

While India figured multiple times in the earnings call, Cook refrained from drawing a comparison with what China experienced nearly a decade ago, saying that each nation is different. He pointed out that there are lot of people in India who are entering the middle class and they could buy its products in the future.

He further 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, and we're very happy with how that's going. Overall, I couldn't be more delighted and excited by the enthusiasm I'm seeing for the brand there,” the Apple CEO said.

On Thursday, Apple posted revenue of $94.8 billion in the second quarter, down three per cent year-over-year.

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