Tim Cook Flags India As Key Growth Market After Record Quarter

NEW DELHI- Apple Inc. reported record revenue for the March quarter, with Chief Executive Officer Tim Cook highlighting strong growth in India and expressing optimism about the country’s expanding middle class as a key driver of future demand.

Speaking during an analysts’ call following the company’s January–March earnings, Cook said Apple “set March quarter revenue records and grew double digits in every geographic segment including strong double-digit growth in Greater China and the rest of Asia-Pacific”.

“We also achieved March quarter revenue records in both developed and emerging markets and saw double-digit growth in nearly every emerging market we track, including India,” he said.

Cook added that Apple continues to expand its retail presence in the country. “We were also thrilled to open the doors to our sixth store in India,” he said, noting the company’s broader push to deepen its presence in emerging markets.

On India’s market potential, Cook said the country represents a significant growth opportunity for Apple. “I think it’s a huge opportunity for us,” he said.

“It’s the second largest smartphone market in the world and the third-largest PC market, and despite doing extremely well there for quite some time we still have a modest share. And so, I think that really speaks to the opportunity that we have,” he added.

Cook pointed to the rise of India’s middle class and strong adoption among first-time buyers as key factors. “There are a lot of people moving into the middle class there, and we’ve got some great products for them both currently and coming,” he said.

“If you look at the majority of customers in all of our categories from the iPhone to the Mac to the iPad to the Watch, are new to that product there. And so, it speaks very well to growing the installed base there. Net-net, I’m over the moon excited about India,” Cook added.

Apple said iPhone revenue reached $57 billion in the quarter, up 22 per cent year-over-year, driven by the latest iPhone lineup. (IANS)