Apple Posts Record Earnings In India: Tim Cook

PALO ALTO, CA (IANS) – Apple set a quarterly record in the January-March period in India and grew very strong, in double digits year-over-year, said CEO Tim Cook, as he touted India becoming a key market for the company in terms of iPhone sales and manufacturing.

India’s smartphone market is dominated by low-cost Android phones, such as those offered by Samsung and Chinese players like Oppo and Xiaomi. But there is a growing middle class and consumers willing to spend more on expensive devices, CNBC noted.

Apple reported a record revenue of $94.8 billion for its March quarter which was better than expected.

“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. It’s a major focus for us. I was just there, and the dynamism in the market, the vibrancy is unbelievable,” Cook told analysts during the earnings call on May 4.

Over time, he said, Apple has been expanding operations in India to serve more customers.

“Three years ago, we launched the Apple Store online, and then, we launched two stores just a few weeks ago, and they’re off to a great start, one in Mumbai and one in Delhi,” said Cook.

“Overall, I couldn’t be more delighted and excited by the enthusiasm I’m seeing for the brand there. There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there,” said the Apple CEO.

The company achieved all-time records in Mexico, Indonesia, the Philippines, Saudi Arabia, Turkey, and the UAE, as well as several March quarter records, including in Brazil, Malaysia, and India.