While disclosing Apple's Q2 2023 financials, Cook expressed his excitement about the Indian market’s potential for the company
Apple India’s revenue for FY23 grew by 43%, touching the milestone of INR 49.3K Cr (almost $6 Bn) from INR 33.3K Cr ($4.03 Bn) in FY22
Cook's remarks followed analyst Ming-Chi Kuo’s disclosure that India could be the first country to start manufacturing iPhone 17, which is scheduled to launch in 2025
During Apple’s Q4 2023 earnings conference call, CEO Tim Cook spotlighted India as a pivotal region for the tech titan, highlighting the substantial growth opportunities and numerous advantages within the country’s expansive market.
“We had an all-time revenue record in India. We grew very strong double-digits. It’s an incredibly exciting market for us and a major focus of ours. We have low share in a large market, and so it would seem there’s a lot of headroom there,” he said.
Cook further said, “The ASPs, I haven’t looked at them most recently, but I’m sure that they’re lower than the worldwide. But that doesn’t bother us at all. It just — and in terms of the similarity, I would say, each country has its own journey. And I wouldn’t want to play the comparison game. But we see an extraordinary market, a lot of people moving into the middle class, distribution is getting better, lots of positives.”
Cook also reflected on his experience at the launch of two Apple stores in India, where he engaged with customers, developers, creators, and team members. These interactions provided him with valuable insights into the local enthusiasm and potential for Apple’s growth in the region.
“We’re constantly striving to make a positive difference in people’s lives and be a force for progress. We’re investing in education to give students the skills they need to shape the future,” he added.
Apple’s global revenue for the March quarter was $94.8 Mn, down 3% from last year. However, the company’s chief financial officer Luca Maestri said that iPhones reached a March quarter revenue record showing great performance in the emerging markets from South Asia and India to Latin America and the Middle East.
“We set March quarter records in several developed and emerging markets with India, Indonesia, Turkey and the UAE doubling on a year-over-year basis. Our active installed base of iPhone grew to a new all-time high and was up in all our geographic segments,” he added.
Cook’s remarks followed Kuo’s disclosure that India could be the first country to start manufacturing iPhone 17, which is scheduled to launch in 2025.
Apple India’s revenue for FY23 grew by 43%, touching the milestone of INR 49.3K Cr (almost $6 Bn) from INR 33.3K Cr ($4.03 Bn) in FY22. According to RoC filings, Apple India generates 94.6% of its revenue from sales of products and 5.4% from maintenance and services.
However, the tech giant has found itself in controversy recently amid the threat alerts cautioning iPhone users about “state-sponsored attackers attempting to compromise their iPhones remotely”.
Consequently, the Parliamentary Standing Committee on Information Technology summoned the senior officials of Apple.