Very bullish on India: Apple CEO Tim Cook

Apple CEO Tim Cook has said he is very bullish on India and described the country as a major focus and hugely exciting market where the technology giant is putting a significant amount of energy through investments retail and online presenceApple on Thursday reported revenue of USD 1172 billion for the December quarter and set alltime revenue records in a number of markets including Canada Indonesia Mexico Spain Turkey and Vietnam along with quarterly records in Brazil and India The USD 1172 billion revenue was down 5 per cent yearoveryear from nearly USD 124 billion in December 2021 as a result of a challenging environmentWe actually did fairly well through COVID in India And Im even more bullish now on the other side of it or hopefully on the other side of it And thats the reason why were investing there Were bringing retail there and bringing the online store there and putting a significant amount of energy there Im very bullish on India Cook said at an earnings call after Apple reported financial results for its fiscal 2023 first quarter ended December 31 2022He was responding to a question on Apples plans for India as the market emerges from the COVID19 pandemicAlso Read Apple working on introducing AR shopping feature on iPhone ReportResponding to another question on Apple making strides in India Cook said looking at the business in India we set a quarterly revenue record and grew very strong double digits yearoveryearAnd so we feel very good about how we performed and that was thats despite the headwinds that weve talked about Cook said adding that taking a step back India is a hugely exciting market for us and is a major focus We brought the online store there in 2020 We will soon bring Apple retail thereSo were putting a lot of emphasis on the market Theres been a lot done from financing options and tradeins to make products more affordable and give people more options to buy And so theres a lot going on there he saidApple Chief Financial Officer and Senior Vice President Luca Maestri said that iPhone revenue was USD 658 billion despite significant foreign exchange headwinds supply constraints on iPhone 14 Pro and iPhone 14 Pro Max and a challenging macroeconomic environmentIn spite of these circumstances we set alltime iPhone revenue records in Canada Italy and Spain and saw strong growth in several emerging markets including alltime iPhone revenue records for India and Vietnam Maestri saidMaestri added that in emerging markets in particular the installed base grew double digits and Apple had record levels of switchers in India and Mexico He said growth for the company is coming from every major product category and geographic segment with strong doubledigit increases in emerging markets such as Brazil Mexico India Indonesia Thailand and VietnamIn a statement Cook said that during the December quarter Apple achieved a major milestone and now has more than two billion active devices as part of its growing installed baseAs we all continue to navigate a challenging environment we are proud to have our best lineup of products and services ever and as always we remain focused on the long term and are leading with our values in everything we do Cook saidThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever