CEO Tim Cook announces record revenue for Apple’s March quarter in India, he added that the country is at a turning point with many people leaving the middle class and moving in.
iPhone sales accounted for $51.3 billion of Apple’s quarterly revenue, which was $94.8 billion, a 3% year-over-year decline. Tim Cook stated that the performance in emerging markets really delighted him.
We did set a quarterly record and saw exceptionally high double-digit growth over the prior year, according to the business in India. Consequently, it was a pretty good quarter for us,” Cook said on Apple’s earnings call for analysts for the March quarter.
Strong iPhone sales in India are responsible for the quarter’s record revenue. According to Counterpoint Research, the corporation maintained its dominance in the total premium segment above Rs 45,000 with a 62% market share. With a 36% share, it also dominates the market above Rs 30,000.
Cook noted that a key emphasis and tremendously intriguing market in India. “The market’s vitality and vibrancy are astounding. To better serve more clients, we have been growing our operations there over time, Cook responded in response to an analyst’s query.
In India, the firm opened its first two flagship retail locations in Mumbai and New Delhi. Cook declared that they are “off to a great start.” He continued by expressing his satisfaction with the direction the engagement with its channel partners in India is taking.
“We started the online Apple store three years ago, and as you just mentioned, we just recently built two stores, one in Mumbai and one in Delhi, both of which are off to a great start. We also work with a number of local channel partners. Cook expressed his satisfaction with the way things were developing.
“In general, the enthusiasm I’m seeing for the brand there makes me feel ecstatic and happy. Many individuals from the middle class are migrating here. India is at a turning point, in my opinion. Being there is fantastic, he continued.
When asked whether Apple company sees prospects for services in India over the long run, Cook responded that there are opportunities in all areas, including services, but added that India’s average revenue per user (ARPU) is lower.
“Music and TV streaming both have significantly lower ARPUs than other lower-cost services,” However, if you take a long-term perspective, I believe there are good opportunities in all areas, according to Cook.
