Apple CEO Tim Cook hails India as an extraordinary market with abundant growth potential

03 Nov 2023

Apple CEO Tim Cook hails India as an extraordinary market with abundant growth potential

In a recent earnings call for the fourth quarter of 2023, Apple's Chief Executive Officer (CEO), Tim Cook, emphasized that India is a "major focus" for the tech giant and expressed his satisfaction with the performance of the two Apple stores opened in the country. Cook also acknowledged that Apple has significant growth potential in India due to its relatively low market share.

During the earnings call, Cook revealed that Apple achieved an all-time revenue record in India with strong double-digit growth. He described India as an "incredibly exciting market" for Apple and a pivotal area of concentration. Cook commented on the substantial room for expansion, given the company's modest market share.

Tim Cook stated that they saw an extraordinary market with a lot of people moving into the middle class. He mentioned that they had put two retail stores there, and those stores were performing better than they had anticipated. Cook noted that it was still early going, but they were off to a good start, and he expressed his happiness with how things were going at the moment.

Notably, Cook highlighted that iPhone revenue exceeded the company's expectations and reached an all-time high in India. This accomplishment underscores the strong performance of Apple's products in the Indian market.

Apple also disclosed its financial results for the fourth quarter of 2023, which concluded on September 30. The company reported quarterly revenue of $89.5 billion, representing a marginal one percent decrease year-over-year from $90.1 billion.

When asked to compare the growth of Apple in India and China over the years, Cook refrained from making direct comparisons, citing that each country has its own unique trajectory and that he did not wish to engage in a comparison game.

Apple's Chief Financial Officer (CFO), Luca Maestri, expressed the company's contentment with its performance in emerging markets. Apple achieved a record high in revenue in 2023, with double-digit growth in constant currency. Maestri highlighted Apple's expansion in these markets, including the establishment of new Apple retail stores in India and online stores in Vietnam and Chile.

Tim Cook visited in April 2023, marking his first trip to the country in seven years. During the visit, he inaugurated Apple's first official retail store in Mumbai, followed by the launch of a second store in New Delhi. Cook termed the opening of these two stores in India a significant milestone for the company.

Apple's resounding success and focus on India underscore the country's growing importance as a key market for the tech giant. As Apple continues to invest in India, its future growth prospects in the region appear promising.

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