New Delhi (India), 5th May 2023: Apple CEO Tim Cook feels that “India is at a tipping point for the tech giant, with a lot of people coming into the middle class.” He stated on the company’s post-earnings call on Friday that Apple saw enormous business opportunity in the country.
India was an important topic of discussion in the call. Several analysts asked questions about Apple’s business, strategy, and monetisation trends in India during the call, with some drawing parallels with a similar outlook seen in China a decade ago.
Cook responded to particular question asked by Morgan Stanley’s Erik Woodring and said, “Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year. So it was quite a good quarter for us. Taking a step back, India is an incredibly exciting market.”
Cook stated that a large number of people in India are entering the middle class, further elaborating he said, “I truly believe that India is at a tipping point, and it’s great to be there.”
These remarks came only days after Apple CEO Tim Cook opened the company’s first two stores in India. “We just launched two stores a few weeks ago, and they’re off to a great start, one in Mumbai and one in Delhi,” Cook added.
The CEO further commented on India’s booming market and while complementing the country he remarked, “India is an incredibly exciting market. It’s a major focus for us. I was just there, and the dynamism in the market, the vibrancy is unbelievable.”
On the other hand, during the January-March quarter, Apple’s quarterly revenue declined 3% year on year to $94.8 billion.
Despite the challenging macroeconomic environment, the tech behemoth reported an all-time record in services and a March quarter record for iPhone sales.
