According to Chief Executive officer (CEO) of Apple, Mr. Tim Cook, India is an extraordinary market and has a lot of headroom for growth opportunities
- IBEF
- November 6, 2023
Mr. Tim Cook, Chief Executive Officer (CEO) of Apple, stated that India is a major focus for tech giants, and the two stores Apple opened in India are doing better than predicted. He further stated that though there is less share of Apple in the Indian market, there is a lot of potential to grow.
He further stated that there had been an all-time revenue record in India as the growth was strong in double digits. The market in India is an incredibly exciting and one of our major focuses as of now. Though the share in Indian market is a bit less, the growth potential is huge.
He also added that two retail stores in India are doing better than anticipated, and the early-stage growth shows momentum.
Mr. Tim Cook also said that the revenue from iPhones was ahead of the company’s expectations, and it recorded an all-time high mark. Apple announced financials for the fourth quarter ended September 30, 2023, and quarterly revenue stood at US$ 89.5 billion, which was down 1% year-over-year (y-o-y) from US$ 90.1 billion.
According to Mr. Luna Maestri, Chief Financial Officer (CFO) of Apple, the company is pleased with the performance in the emerging markets as the revenue is reaching a record high in the year 2024 with double-digit growth in the current currency.
There is also an expansion in direct presence in various markets and retail stores in India to online stores in Vietnam and Chile.
Mr. Tim Cook realised the opening of retail stores in India was a milestone and stated that nowhere does the magic of Apple come alive more than it does in these stores over the past year. The aim is always to find new ways to connect with more customers.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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