Very bullish on India: Apple CEO Tim Cook

New York: 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 USD 117.2 billion 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 USD 117.2 billion revenue was down 5 per cent year-over-year, from nearly USD 124 billion 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.He was responding toa question on Apple’s plans for India as the market emerges from the COVID-19 pandemic.
He added that the company’s revenue was down 5 per cent year over year as a result of a “challenging environment.”
Cook outlined three factors that impacted the company’s revenue performance during the quarter. First, the foreign exchange headwinds; second, the Covid-19-related challenges that significantly impacted the supply of the iPhone 14 Pro and iPhone 14 Pro Max; and lastly, a challenging macroeconomic environment as the world continues to face unprecedented circumstances, from inflation to war in Eastern Europe to the enduring impacts of the pandemic, to which “Apple is not immune”.
“…Because of these (supply) constraints, we had significantly less iPhone 14 Pro and iPhone 14 Pro Max supply than we planned, causing ship times to extend far beyond what we had anticipated… Production is now back where we want it to be,” he added.
In his opening remarks during the call, Cook said, “We 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.”
Likewise, according to the company’s CFO, Luca Maestri, the growth is coming from every major product category and geographic segment, with strong double-digit increases in emerging markets.
Cook further said that India is a hugely exciting market for Apple and a “major focus.” “We brought the online store to India in 2020 and will soon bring Apple Retail. We are putting a lot of emphasis on the market. There’s been a lot going on from financing options and trade-ins to make products more affordable and give people more options to buy,” he added.
On the opportunity in India post-Covid, Cook added that the tech giant did fairly well throughout the pandemic in the country. “I’m even more bullish now, hopefully on the other side of it. That’s the reason why we are investing there by bringing retail there, bringing the online store there and putting out a significant amount of energy there. I’m very bullish on India.”