Apple CEO Tim Cook emphasizes India’s potential as a key growth market following the company’s record revenue for the March quarter, driven by the expanding middle class and strong demand for its products.
NEW DELHI – Apple Inc. has reported record revenue for the March quarter, with Chief Executive Officer Tim Cook underscoring the company’s strong growth in India. He expressed optimism about the expanding middle class in the country, which he sees as a crucial driver of future demand.
During an analysts’ call discussing the company’s performance from January to March, Cook noted that Apple achieved record revenue for the quarter and experienced double-digit growth across all geographic segments. This included particularly strong growth in Greater China and the rest of the Asia-Pacific region.
“We also achieved March quarter revenue records in both developed and emerging markets, and saw double-digit growth in nearly every emerging market we track, including India,” Cook stated.
Cook highlighted Apple’s ongoing efforts to expand its retail presence in India, mentioning the recent opening of the company’s sixth store in the country. He emphasized that this move is part of a broader strategy to deepen Apple’s footprint in emerging markets.
On the potential of the Indian market, Cook remarked, “I think it’s a huge opportunity for us.” He pointed out that India is the second-largest smartphone market globally and the third-largest PC market. Despite Apple’s success in the region, he noted that the company still holds a modest market share, which he believes underscores the growth opportunities available.
Cook attributed the rise of India’s middle class and the strong adoption of Apple products among first-time buyers as key factors contributing to this potential. “There are a lot of people moving into the middle class there, and we’ve got some great products for them both currently and coming,” he said.
He further elaborated that a significant portion of customers across Apple’s product categories, including the iPhone, Mac, iPad, and Apple Watch, are new users in India. “This speaks very well to growing the installed base there. Net-net, I’m over the moon excited about India,” Cook added.
In the latest earnings report, Apple revealed that iPhone revenue reached $57 billion for the quarter, marking a 22 percent increase year-over-year, largely driven by the success of its latest iPhone lineup.
According to IANS, Cook’s insights reflect Apple’s commitment to leveraging India’s market potential as it continues to expand its presence in the region.