'That’s the Reason Why We’re Investing There,’ Apple CEO Tim Cook Reveals ‘Bullish’ India Approach

Apple on Thursday reported revenue of $117.2 billion (roughly Rs. 9,61,775 crore) for the December quarter and set “all-time revenue” records in a number of markets.

By Press Trust of India | Updated: 3 February 2023 11:11 IST

'That’s the Reason Why We’re Investing There,’ Apple CEO Tim Cook Reveals ‘Bullish’ India Approach

Photo Credit: Apple

Apple's sales for December quarter represented 5 percent decline from the same time in the previous year

Highlights

Apple posted its first quarterly revenue drop in nearly four years
Company's CFO Luca Maestri said that iPhone revenue was $65.8 billion
Apple opened first online store in India in 2020

Apple CEO Tim Cook has said he is “very bullish on India” and described the country as a major focus and "hugely exciting market” where the technology giant is putting a “significant amount of energy” through investments, retail and online presence.

Apple on Thursday reported revenue of $117.2 billion (roughly Rs. 9,61,775 crore) for the December quarter and set “all-time revenue” records in a number of markets, including Canada, Indonesia, Mexico, Spain, Turkey and Vietnam, along with quarterly records in Brazil and India.

The $117.2 billion revenue was down 5 percent year-over-year, from nearly $124 billion (roughly Rs. 10,20,154 crore) in December 2021 “as a result of a challenging environment.” “We actually did fairly well through COVID in India. And I'm even more bullish now on the other side of it, or hopefully, on the other side of it. And that's the reason why we're investing there. We're bringing retail there and bringing the online store there and putting a significant amount of energy there. I'm very bullish on India,” Cook said at an earnings call after Apple reported financial results for its fiscal 2023 first quarter ended December 31, 2022.

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He was responding to a question on Apple's plans for India as the market emerges from the COVID-19 pandemic.

Responding to another question on Apple making strides in India, Cook said “looking at the business in India, we set a quarterly revenue record and grew very strong double digits year-over-year.

“And so we feel very good about how we performed, and that was — that's despite the headwinds that we've talked about,” Cook said, adding that “taking a step back, India is a hugely exciting market for us and is a major focus. We brought the online store there in 2020. We will soon bring Apple retail there." “So we're putting a lot of emphasis on the market. There's been a lot done from financing options and trade-ins to make products more affordable and give people more options to buy. And so there's a lot going on there,” he said.

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Apple Chief Financial Officer and Senior Vice President Luca Maestri said that iPhone revenue was $65.8 billion (roughly Rs. 5,41,340 crore) despite significant foreign exchange headwinds, supply constraints on iPhone 14 Pro and iPhone 14 Pro Max and a challenging macroeconomic environment.

“In spite of these circumstances, we set all-time iPhone revenue records in Canada, Italy and Spain, and saw strong growth in several emerging markets, including all-time iPhone revenue records for India and Vietnam,” Maestri said.

Maestri added that in emerging markets, in particular, the installed base grew double digits, and Apple had record levels of switchers in India and Mexico. He said growth for the company is coming from every major product category and geographic segment, with strong double-digit increases in emerging markets such as Brazil, Mexico, India, Indonesia, Thailand and Vietnam.

In a statement, Cook said that during the December quarter, Apple achieved a major milestone and now has more than two billion active devices as part of its growing installed base.

"As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” Cook said.

Apple launched the iPad Pro (2022) and the iPad (2022) alongside the new Apple TV this week. We discuss the company's latest products, along with our review of the iPhone 14 Pro on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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iPhone 14 Pro

REVIEW
KEY SPECS
NEWS

Design
Display
Software
Performance
Battery Life
Camera
Value for Money

Good
Superb display with always-on mode
Excellent overall performance
Good battery life
All cameras take high-quality stills and video
Regular iOS updates for many years

Bad
Extremely expensive
Relatively slow charging and transfer speed
Gets warm under heavy workloads
Limited customisation for Dynamic Island

Read detailed Apple iPhone 14 Pro review

Display 6.10-inch

Processor Apple A16 Bionic

Front Camera 12-megapixel

Rear Camera 48-megapixel + 12-megapixel + 12-megapixel

RAM 6GB

Storage 128GB, 256GB, 512GB, 1TB

OS iOS 16

Resolution 1179x2556 pixels

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iPhone 14 Pro Max

KEY SPECS
NEWS

Display 6.70-inch

Processor Apple A16 Bionic

Front Camera 12-megapixel

Rear Camera 48-megapixel + 12-megapixel + 12-megapixel

Storage 128GB, 256GB, 512GB, 1TB

OS iOS 16

Resolution 2796x1290 pixels

More Apple mobiles Apple mobiles price in India

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