Apple has revealed its third-quarter results for the fiscal year 2023, and CEO Tim Cook has stated that India represents a “huge opportunity” for the company, and that the recently opened official stores in Mumbai and New Delhi are exceeding the company’s expectations.
The iPhone maker has reported a quarterly revenue of $81.8 billion, which is down 1 percent year over year, and quarterly earnings per diluted share of $1.26, up 5 percent year over year.
During the earning call, Tim Cook further said that India is the “second largest smartphone market in the world. So, we ought to be doing really well there.” Cook further added that Apple still has “a very, very modest and low share” in the Indian smartphone market, and that is why he believes that “it’s a huge opportunity for us. And we are putting in all of our energies to make that occur.”
Luca Maestri, Apple CFO, too, had interesting India-specific details to say. Luca, said that Apple has “set an all time revenue record for iPhone in India,” and that the company “set June quarter records and revenue growth in double digits for iPhone in India with a very strong performance.”
These developments follow Apple’s retail expansion in India—having opened two official stores, namely, Apple BKC in Mumbai and Apple Saket in New Delhi. According to Cook, both stores are currently exceeding their expectations despite opening only recently, and Apple will continue to “work on expanding the channel and investing more in our direct-to-consumer offerings.”
Earlier this year in May, Tim Cook called India an “incredibly exciting market.” And, he also said that India is “a major focus for us. I was just there, and the dynamism in the market, the vibrancy is unbelievable.”
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