Apple CEO Tim Cook delighted with double-digit growth in India, sets revenue records

Apple CEO Tim Cook expressed his satisfaction with the tech giant's performance in India during the latest earnings call, where it was revealed that Apple achieved revenue milestones in the Indian market for the quarter ending in March 2024.

Although there has been a 4 per cent decline in overall revenue, largely attributed to a 10 per cent decrease in iPhone sales compared to the previous year, Cook said that there was significant growth witnessed in the Indian market.

“We did grow strong by double-digit, and so we were very, very pleased with that. It was a new March quarter revenue record for us,” a Hindustan Times (HT) report quoted him as saying.

According to Apple's chief financial officer Luca Maestri, the company has achieved a six-month revenue record not only in India but also in several other emerging markets including Latin America, West Asia, Indonesia, the Philippines, and Turkey.

Maestri said that these markets were the important, noting their large populations and the growing enthusiasm for Apple products.

 “We are happy because these are markets where our market share is low, the populations are large and growing, and our products are really making a lot of progress in those markets. The level of excitement for the brand is very high,” HT quoted him as saying.

Cook said that Apple would continue to look into the Indian market, noting the significance of local production.

“From a pragmatic point of view, you need to produce there to be competitive, and so, yes, the two things are linked from that point of view, but we have both operational things going on and we have go to market and initiatives going on,” he said.

In addition to discussing Apple's performance in India, Tim Cook also addressed the company's advancements in artificial intelligence (AI) during the investor call.

Cook expressed confidence in Apple's AI endeavours, highlighting the investments being made in this domain.

Apple's annual developer conference, WWDC, scheduled for June 10, will reportedly focus on AI-powered innovations.

Cook emphasised Apple's belief in the transformative potential of AI, citing the company's unique integration of hardware, software, and services, along with its commitment to privacy.(WioNews)