Edited by: Sharya Sharma
Last updated: February 04, 2023, 10:51 AM IST
Tim Cook says there is a huge opportunity for Apple in India after the COVID-19 pandemic. (File photo)
CEO Tim Cook views India as a “hugely exciting market” and plans to expand Apple’s presence there with its online store, retail presence and more affordable financing options.
Apple released its financial report for the first quarter of 2023 on Friday, showing revenue of $117.2 billion, down 5% from the previous year. However, the tech giant posted exceptional results in India, hitting record numbers and making CEO Tim Cook feel “very good,” he said in a statement.
“Looking at the Indian business, we posted a record quarterly revenue and very strong double-digit growth year over year, so we feel good about how we performed,” said Tim Cook of Apple’s growth in India. Tim also claimed that India is a “hugely exciting market” for Apple and remains a key focus.
He added: “We brought the online store there in 2020. We’ll be bringing Apple Retail there soon. We pay a lot of attention to the market. Much has been done on financing options and trade-ins to make products more affordable and give people more buying options.”
Notably, Apple has been offering “Made in India” iPhones for some time now, with vanilla iPhone models including iPhone 13 and iPhone 14 coming down in price. For example, the latter has dropped in price in most retail channels, albeit unofficially. Moreover, the Pro models, iPhone 14 Pro and iPhone 14 Pro Max, have also seen huge demand in India.
Tim Cook agrees that there is a huge opportunity for the company in India after the COVID-19 pandemic. “We’ve actually done pretty well due to COVID in India and I’m even more optimistic now, hopefully on the other side. That’s why we’re investing there by putting retail there, putting the online store there and putting a significant amount of energy there. I am very optimistic about India.”
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