By Press Trust of India | Updated: 4 August 2023
Tech giant Apple set a June quarter revenue record in India, driven by robust sales of iPhone, with CEO Tim Cook saying the company is “pleased” with growth in the world’s second-largest smartphone market.
The top brass pledged to put its energies into tapping the huge opportunity that presents itself here, given Apple is still “very modest and (has) low share in this smartphone market”.
India figured prominently in the Cupertino-based iPhone maker’s latest earnings call, as the company highlighted how the performance of newly-launched stores here exceeded expectations.
On a specific question on the potential of India, Cook said, “You know we did hit a June quarter revenue record in India and we grew strong double digits. We also opened our first two retail stores during the quarter and of course it’s early going currently, but they are currently beating our expectations in terms of how they are doing”.
Apple said it continues to work on building out the channel and putting more investment in direct-to-consumer offers as well.
“And so I think if you look at it, it’s the second largest smartphone market in the world and we ought to be doing really well there and we are very pleased with our growth there,” Cook said.
Apple said it continues to work on building out the channel and putting more investment in direct-to-consumer offers as well.
“And so I think if you look at it, it’s the second largest smartphone market in the world and we ought to be doing really well there and we are very pleased with our growth there,” Cook said.
Looking to replicate what China did to Apple’s business in the last 15 years, the tech giant is eyeing India’s massive market with an expanding middle class to power sales growth, and potentially make it a home base for the production of millions of Apple devices.
As such, India is also home to factories that produce 5 percent of total iPhones as Apple diversifies its supply chains away from China.
India too has identified electronics manufacturing as a key priority area for its future growth ambitions, hoping to attract investments from global biggies looking to diversify their operations outside of China.
India hopes to play on the strength of its storied talent and skill base, vibrant market, and enabling policies to corner substantial chunk of new investments flowing into electronics and phone manufacturing as well as semiconductor production, redefining its equation in global supply chains.
