Within a few years, the Indian market landscape has expanded well and spikes in GDP growth are proving the point. Many big entrepreneurs are investing their money in Indian marketing and collaborating with Indian brands. Now the CEO of Apple has made a positive comment on the Indian market which is pulling attention. As per the CEO of Apple Inc. Tim Cook states that India is a wonderful positive exciting market for the firm. As per Apple, the company had recorded an all-time revenue record in India in the final quarter. Scroll to know what exactly Tim Cook has stated on the Indian market.
According to the report, on Friday, 3rd November 2023, the CEO of Apple stated that India is now the “major focus” for the company and the 2 stores that are opened in the nation are doing much better as compared to their thoughts or predictions. Due to that Apple is now focusing on the Indian market. Mr Cook further added that at present, the company has a low share of the market in India and they believe that there is a lot of space to expand. His positive comment on the Indian market appeared during the Q4 2023 earnings conference call of Apple in which he emphasized the substantial growth chances and other several advantages within the expansive market of the country.
During the conference, he stated “We had an all-time revenue record in India. The extraordinary market of India has helped the company to grow strong double-digits. There is no doubt in saying that it is a wonderful exciting market for our company and also a major focus of ours. Plus we have a low share in a large market, and so it would seem there is a lot of headroom there. I have not watched the ASPs at the earliest, but I am sure that they are lower than the entire world. But that thing is not bothering us at all. It just- and in terms of the similarity, I would like to say that each nation has its own journey.
And I am not interested in playing comparison games. But we seek an extraordinary market, many people are shifting into the middle class, distribution in India is getting better and of course, a lot of positives.” He further shared his experience and thoughts at the launch of 2 Apple stores in India. He states that the experience was wonderful and he was involved with developers, customers, team members and creators. He said that this meeting helped him to understand the potential for the growth of Apple in India. Mr. Cook further added “We are constantly seeking to make a positive difference in the lives of people and wishing for progress. We are also investing the money into the education of the people and providing the skills to them so that they will give a good shape to the future.”
The global revenue of Apple for the first quarter was registered at $94.8 Mn, down 3% from 2022. The chief financial officer of the company, Luca Maestri states that iPhones reached a revenue record in the March quarter showcasing great performance in emerging markets from the Middle East, South Asia, and India to Latin America. Furthermore, 2023 has been an incredible year for the company, especially in India. In April 2023, the Cupertino giant released its first Apple Retail Store in the nation exactly in Mumbai after one in Delhi.
