Tim Cook, the CEO (Chief Executive Officer) of Apple, referred to India as the market where the technology giant is investing heavily and expanding its retail and online presence. He also shared his tremendous optimism about India as well.
Tim Cook was speaking at an earnings call following the release of Apple’s financial results for the quarter that ended on December 31, 2022.
In addition to setting quarterly records in Brazil and India, Apple reported revenue of USD 117.2 billion for the quarter ending in December. The company also established “all-time revenue” records in a number of other territories, including Canada, Indonesia, Mexico, Spain, Turkey, and Vietnam. From about USD 124 billion in December 2021, the overall revenue of USD 117.2 billion was down 5% year over year “as a result of a challenging environment.”
Cook was inquired, about Apple’s plans for India, as the market recovers from the COVID-19 outbreak. He stated, “We actually did fairly well through COVID in India. And I’m even more bullish now on the other side of it, or hopefully on the other side of it. And that’s the reason why we’re investing there. We’re bringing retail there and bringing the online store there and putting a significant amount of energy there. I’m very bullish on India.”
In response to another query regarding Apple’s success in India, Cook remarked that looking at the company in India, Apple has established a quarterly revenue record and grew very strong double digits year-over-year despite the difficulties the company faced. He further said, “Taking a step back, India is a hugely exciting market for us and is a major focus. We brought the online store there in 2020. We will soon bring Apple retail there.”
“So we’re putting a lot of emphasis on the market. There’s been a lot done from financing options and trade-ins to make products more affordable and give people more options to buy. And so there’s a lot going on there,” the Apple CEO explained.
Earlier in a statement, Cook said that as part of its expanding installed base, Apple now has more than two billion active devices. This milestone was reached during the December quarter.
Apple’s Chief Financial Officer and Senior Vice President Luca Maestri said, “Inspite of the circumstances, we set all-time iPhone revenue records in Canada, Italy and Spain, and saw strong growth in several emerging markets, including all-time iPhone revenue records for India and Vietnam.”
He further stated, that Apple experienced a record amount of switchers in Mexico and India, and that the installed base specifically increased by double digits in emerging economies. He claimed that every significant product category and geographic region is contributing to the company’s success, with strong double-digit growth rates in developing nations including Brazil, Mexico, India, Indonesia, Thailand, and Vietnam.