Tim Cook, the CEO of tech giant Apple, said the business is “pleased” with development in the second-largest smartphone market in the world. Apple established a June quarter revenue record in India thanks to strong iPhone sales.
Given that Apple is still “very modest and (has) low share in this smartphone market”. the top brass vowed to focus all of their efforts on seizing the enormous opportunity that is presented here.
The performance of recently opened stores in India is far above expectations, the Cupertino-based iPhone manufacturer noted in its most recent earnings call.
Responding to a specific question on the subject of India’s potential, Cook said, “You know we did hit a June quarter revenue record in India and we grew strong double digits. We also opened our first two retail stores during the quarter and of course, it’s early going currently, but they are currently beating our expectations in terms of how they are doing”.
Apple stated that it is still working to expand the channel and is also investing more in direct-to-consumer offers.
“And so I think if you look at it, it’s the second largest smartphone market in the world and we ought to be doing really well there and we are very pleased with our growth there,” Cook said.
The top official continued,”We still have a very, very modest and low share in this smartphone market, so I think it’s a huge opportunity for us. And we are putting in all of our energies to make that occur.” When Apple opened two retail locations in Mumbai and Delhi earlier this year, during Cook’s first visit to the nation in seven years, the company mapped out ambitious retail growth in India.
The opening of the new stores in Delhi and Mumbai coincides with Apple’s efforts to intensify its retail presence in India, which has a burgeoning smartphone market.
During his visit to India, Cook met with Prime Minister Narendra Modi, Minister of State for IT Rajeev Chandrasekhar, and Minister of State for Electronics and IT Ashwini Vaishnaw to discuss the company’s investment commitment to India.
The tech giant is eyeing India’s enormous market with a rising middle class to accelerate sales growth and potentially make it the home base for the assembly of millions of Apple gadgets in an effort to mimic what China did to Apple’s business in the last 15 years.
As a result, manufacturers that create 5% of all iPhones are located in India as Apple diversifies its supply chains away from China.
India has also earmarked electronics manufacturing as a key focus area for its long-term economic plans in an effort to entice capital from multinational corporations eager to expand outside of China.
India aspires to leverage its illustrious talent and skill base, thriving market, and enabling regulations to seize a sizable share of new investments streaming into semiconductor production as well as electronics and phone manufacture, redefining its role in global supply chains.