India Presents A ‘Huge Opportunity’ For Apple, New Stores Exceeding Expectations: CEO Tim Cook – News18

Apple has revealed its third-quarter outcomes for the fiscal yr 2023, and CEO Tim Cook has said that India represents a “huge opportunity”  for the corporate, and that the just lately opened official shops in Mumbai and New Delhi are exceeding the corporate’s expectations.

The iPhone maker has reported a quarterly income of $81.8 billion, which is down 1 % yr over yr, and quarterly earnings per diluted share of $1.26, up 5 % yr over yr. 

During the incomes name, Tim Cook additional mentioned that India is the “second largest smartphone market in the world. So, we ought to be doing really well there.”  Cook additional added that Apple nonetheless has “a very, very modest and low share” within the Indian smartphone market, and that’s the reason he believes that “it’s a huge opportunity for us. And we are putting in all of our energies to make that occur.”

Luca Maestri, Apple CFO, too, had attention-grabbing India-specific particulars to say. Luca, mentioned that Apple has “set an all time revenue record for iPhone in India,” and that the corporate “set June quarter records and revenue growth in double digits for iPhone in India with a very strong performance.”

These developments comply with Apple’s retail growth in India—having opened two official shops, particularly, Apple BKC in Mumbai and Apple Saket in New Delhi. According to Cook, each shops are at the moment exceeding their expectations regardless of opening solely just lately, and Apple will proceed to “work on increasing the channel and investing extra in our direct-to-consumer choices.”

Earlier this year in May, Tim Cook called India  an “incredibly exciting market.” And, he also said that India is “a major focus for us. I was just there, and the dynamism in the market, the vibrancy is unbelievable.”