Apple is so excited after entering its market in India. April was quite a busy month for Apple in India. On Thursday, Tim Cook, CEO of Apple at the opening of Apple stores in Mumbai and Dehli as milestones for the company stated that “he couldn’t have been more delighted by the excitement and enthusiasm of the customers, developers, creators, and team members”, he got to spend time with.
Apple’s quarterly revenue of $94.8 billion, down 3% year over year, was revealed during the earnings call after the company reported “better than expected” second-quarter results, Cook said “We set an all-time record for services and a March quarter record for iPhone”
In addition, “we were particularly pleased with the performance we saw in emerging markets and achieved all-time records in Mexico, Indonesia, the Philippines, Saudi Arabia, Turkey and the UAE, as well as a number of March quarter records, including in Brazil, Malaysia, and India”.
Moreover, Tim Cook said, the company was planning to establish the business in India and had set a quarterly record in India where its business “grew very strong, double digits year-over-year”.
Therefore, it was quite a good quarter for us, taking a step back, India is an incredibly exciting market. It’s a major focus for us.
I was just there and the dynamism in the market, the vibrancy is unbelievable”.
Tim Cook is happy that over time the way the company is expanding its operations is remarkable “to serve more customers”.
Moreover, he also said, “We have got a number of channel partners in the country as well that we are partnering with, and we are happy with how that’s going overall”.
However, he was so excited and delighted by the enthusiasm people of India were showing. He said, there are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there”.
Apple’s Big India Push
Over the last few years, Apple has made India a priority market. Not only for selling its products but also to establish the product assembling market there.
Foxconn, the biggest electronic manufacturing product company, assembles multiple phones in the country and billions of dollars’ worth of iPhones were exported from India.
Hence, it was a great retail push, first with the online store and then two offline stores. Tim Cook told investors, “Over time, we have been expanding our operations there to serve more customers, and three years ago, we launched the Apple store online”.
Recently, “we have launched two more stores, just a few weeks ago, and they are off to a great start, one in Mumbai and one in Dehli”.
Apple has shown its quarterly result, which had a revenue of $94.3 billion, which is 3% less compared to 2022.
While presenting his views, he was very hopeful that” we can convince some number of them to buy an iPhone and we will see how that works out”.
On the other hand, Tom Cook accepted that ARPUs are lower in India whether you are talking about music, TV, or movie streaming, the ARPUs are much lower in India than other regions, “if you look at it over a long arc of time, I think there is a good opportunity across the board”.