Apple sets revenue records in India! CEO Tim Cook says ‘it’s an incredibly exciting market’

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By Mahtab Ahmad

Apple sets revenue records in India! CEO Tim Cook says ‘it’s an incredibly exciting market’

Apple has achieved record-breaking revenue in India in the fourth quarter of FY24 ending March despite a 4% decline in overall revenue and a 10% decrease in iPhone sales compared to the same period in the previous year, according to CEO Tim Cook.
According to an ET report, during the company’s earnings call on Friday, Cook expressed his enthusiasm for the Indian market, stating, “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.”
Apple reported $90.75 billion in revenue for the March quarter, surpassing the $81.8 billion generated in the same period last year and exceeding analyst expectations. However, iPhone revenues experienced a decline, dropping to $45.96 billion from $51.33 billion in the quarter ending in March.
The decrease in iPhone sales was attributed to a sales decline in Apple’s Greater China region, which encompasses Mainland China, Taiwan, Singapore, and Hong Kong. Sales in this region fell by 8% year-on-year, largely due to intense competition from Huawei, according to analysts.
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Luca Maestri, Apple’s chief financial officer, further highlighted the company’s success in emerging markets, including India, where they achieved a six-month revenue record. Maestri stated, “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.”
Tim Cook, the CEO of Apple, said that the company is manufacturing iPhones in India to remain competitive in the market. He emphasized that Apple’s growth in India is directly connected to its operational expansion in the country.
“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,” Cook said.
Cook expressed his enthusiasm for the immense potential of the Indian market, especially after the successful launch of two Apple stores last year. The company is actively expanding its distribution channels and collaborating with the developer community, resulting in a significant increase in the number of developers in India.
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“..So we’re working all of the entire ecosystem from developer to the market to operations, the whole thing, and I could not be more excited and enthusiastic about it,” Cook said.
In response to an analyst’s inquiry, Luca Maestri acknowledged that while China remains the company’s largest emerging market, other regions such as India, Saudi Arabia, Mexico, Turkey, Brazil, and Mexico are experiencing substantial growth.
Maestri, expressed enthusiasm about the company’s progress in markets where their market share is currently low. He highlighted the large and growing populations in these regions and the high level of excitement for the Apple brand.
“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,” Maestri said.
Looking ahead to the June quarter, Apple provided guidance for single-digit growth. The company is gearing up to announce generative AI-based features for its upcoming products at an event in June.
Tim Cook reiterated Apple’s optimism about the opportunities in generative AI. He emphasized the company’s substantial investments in this area and teased the upcoming release of exciting AI-powered features for customers.
“We continue to feel very bullish about our opportunity in generative AI. We are making significant investments, and we’re looking forward to sharing some very exciting things with our customers soon. We believe in the transformative power and promise of AI, and we believe we have advantages that will differentiate us in this new era, including Apple’s unique combination of seamless hardware, software, and services integration, groundbreaking Apple Silicon with our industry-leading neural engines, and our unwavering focus on privacy, which underpins everything we create,” Cook said.

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