Apple CEO Tim Cook says India will be a “major focus” for the company as the Cupertino giant set a quarterly revenue record in the country for October to December, with double-digit year-over-year growth.
What Happened? Tim Cook in an analysts’ call on Friday announced that Apple is set to launch its first physical retail store in Mumbai soon adding that he is “even more bullish” on the company’s growth in the country following the success of its online store.
“We actually did fairly well through Covid in India and I’m even more bullish now, hopefully on the other side of it. That’s the reason why we are investing thereby bringing retail there, bringing the online store there and putting out a significant amount of energy there,” said Cook after Apple posted a disappointing first quarter showing for fiscal 2023 with revenue and earnings per share falling below estimates.
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“There's been a lot going from financing options and trade-ins to make products more affordable and give people more options to buy," added Cook.
To sweeten Apple’s growth prospects in the country, the quarter saw “record levels” of people switching to iPhone in the country.
Per a recent report by Counterpoint Research, the premium smartphone market in the country with offerings like the iPhone saw a steady rise in 2022, achieving double-digit figures of 11% adding 35% to market revenue.
Apple, meanwhile, continued to lead the premium smartphone segment last year in India, with the iPhone 13 emerging as the top-selling smartphone model across price segments – a statistic that corroborates with Apple’s strong iPhone sales figures for the country.
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