Apple CEO Tim Cook highlighted India’s growing importance for the iPhone maker, stating that the Indian market is reaching a “tipping point” due to the rising middle class.
What Happened? During an earnings call, Cook described India as an “incredibly exciting market” and a “major focus” for Apple after posting a quarterly record with strong double-digit year-over-year growth.
Cook expressed his excitement about the enthusiasm for the Apple brand in India, citing the market’s vibrancy and dynamism.
Apple CFO Luca Maestri reported that iPhone sales set a March quarter record of $51.3 billion (₹4,19,938.78 crore) in revenue, driven by strong performance in emerging markets like India, Indonesia, Turkey, and the UAE. Revenue doubled year-over-year in these markets.
Cook acknowledged the uniqueness of each country’s journey and emphasized the opportunity to convince India’s growing middle class to buy iPhones. He also sees potential in India’s expanding services business. While average revenues per user (ARPUs) are lower in India, Cook believes there’s a long-term opportunity across the board.
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The Cupertino giant offers music streaming, video streaming, and video game subscription services at competitive prices in India, with over 975 million paid subscriptions globally.
Despite these successes, Apple experienced its second consecutive quarter of revenue decline, with a 3% year-on-year dip to $94.8 billion (₹7,76,027.22 crore) for the quarter ending April 1, 2023.
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