Apple's Indian venture records thriving revenue and enthusiastic growth; signals bright future
In a recent earnings call, Apple Inc.’s CEO Tim Cook expressed his excitement over India as a booming market for the tech giant. Apple achieved an all-time revenue high in India during the June-September quarter, with robust double-digit growth. Cook emphasized that India is now a major focus for the company.
Cook stated, “We had an all-time revenue record in India, we grew very strong double digits. It’s an incredibly exciting market for us and a major focus of ours. We have low share in a large market, and so there’s a lot of headroom there… We see an extraordinary market—a lot of people moving into the middle class.”
The year has indeed been thrilling for Apple in India, with the opening of the first Apple Retail Store in Mumbai in April, followed by one in Delhi. Tim Cook personally attended the store openings, which drew crowds of eager Apple fans hours before the doors swung open.
Cook also shared his satisfaction with the retail store performance, saying, “Lots of positives, we put two retail stores there, and they are doing better than we anticipated—it’s still early going but they are off to a good start, and I couldn’t be happier with how things are going at the moment.”
During his visit to India in April, Cook had the opportunity to meet with Prime Minister Narendra Modi. Reaffirming Apple’s commitment to further investing in India.
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. pic.twitter.com/xRSjc7u5Ip
— Tim Cook (@tim_cook) April 19, 2023
Apple has secured a significant market share in the premium smartphone segment (devices priced at Rs 30,000 and above) in India. Moreover, the production of iPhones in India has been on the rise, further boosting Apple’s presence in the country.
Luca Maestri, Senior Vice President, and Chief Financial Officer of Apple, noted, “iPhone revenue was $43.8 billion, up 3% Year-over-Year and a new September quarter record. We had strong performance in several markets, including an all-time record in India and September quarter records in Canada, Latin America, the Middle-East, and South Asia. Our iPhone active installed base grew to a new all-time high in fiscal 2023, making it another record year for switches.”
Apple’s soaring success in India reflects the company’s commitment to tapping into this vibrant and expanding market.
