Apple's Tim Cook: India an Extraordinary Market With Lot of headroom for Growth

By Consultants Review Team Friday, 03 November 2023

Apple CEO Tim Cook stated on Friday that India is a "major focus" for the company and that the two stores it opened in the country are performing better than expected. He also stated that Apple currently has a small market share in India and that there is plenty of room for growth.

Cook stated at the company's fourth-quarter 2023 earnings call, "We had an all-time revenue record in India, we grew very strong double digits." It's an incredibly exciting market for us and a major focus of ours. We have a low market share in a vast market, therefore there appears to be a lot of space."

"We are witnessing an exceptional market - a large number of people going into the middle class...Lots of positives: "We put two retail stores there, and they're doing better than we expected - it's still early days, but they're off to a good start, and I couldn't be happier with how things are going right now," he continued.

Cook also stated that iPhone revenue exceeded the company's forecasts, with an all-time high in India. Also Read: ESPN could be valued at $24 billion, with Apple and Verizon as potential purchasers.

Apple also released financial figures for the fourth quarter of 2023, which ended on September 30, 2023. The corporation reported quarterly revenue of $89.5 billion, a 1% decrease from $90.1 billion the previous year.

In response to a question about comparing Apple's growth momentum in India and China over the years, Cook replied that each country has its journey and that he doesn't want to compare the two.

Luca Maestri, Apple's CFO, stated that the business is particularly happy with its performance in emerging economies, with revenue reaching a record high in 2023 and double-digit growth in constant currency.

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"And nowhere does the magic of Apple come alive more than it does in our stores," Cook said on Friday. "Over the past year, we've continued to find ways to connect with even more customers." Customers were greeted at our first-ever retail locations in India."


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