Apple CEO Tim Cook said that India is a ‘hugely exciting market’ for the company, which has witnessed ‘record levels’ of people switching to iPhone in the country.
“We set a quarterly revenue record and grew very strong double digits year-over-year (YoY). So we feel very good about how we performed, despite the headwinds,” Moneycontrol quoted Cook as saying during the company’s earnings conference call on February 2.
He added that the iPhone maker is putting a lot of emphasis on the world’s second-largest mobile phone market.
Reportedly, Apple is currently the leader in India’s premium smartphone market (above Rs 30,000). Also, the company led the country’s smartphone market in terms of shipment value in Q4 2022, according to the market research firm Counterpoint Research.
Apple India’s consolidated revenue had touched an all-time high of $4.03 billion (Rs 33,381 crore) in the financial year 2022, up nearly 45 percent on the back of strong demand for its premium smartphones, Moneycontrol reported in October 2022.
Meanwhile, Big Tech led US markets on a sharp rebound to kick off 2023. The message from their earnings on Thursday: not so fast.
Apple, Google parent Alphabet and Amazon.com all posted results for the end-of-year quarter that left a sour taste in investors’ mouths, news agency Reuters reported.
The reports renewed questions about global economic demand, the effect of higher interest rates and whether the market’s January rally got ahead of itself.
Apple, the world’s largest publicly traded company, fell short of expectations, hurt by lower iPhone sales and production disruptions in China. Amazon said operating profits could fall this quarter due to lower demand, and Alphabet’s online advertisers cut back their spend as well.
“When things started to reopen in December (in China), we did see an increase in traffic to our stores as compared to November and an increase in demand as December rolled around,” Cook told Reuters.
Cook said lockdowns in China hurt both production and demand, and the company faced headwinds from the strong U.S. dollar that pushed revenues lower.
(With inputs from Agencies)
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