May 3rd 2024.
In an exclusive call with investors, Apple CEO Tim Cook shared some exciting news about the company's performance in the Indian market. He expressed that the company experienced strong double-digit growth and even set a new March quarter revenue record. As a major focus for Apple, Cook emphasized the importance of the Indian market and the company's efforts to develop the entire ecosystem, from the developers to the market to operations.
"We are very pleased with the growth numbers in India," Cook shared. "It was a new March quarter revenue record for us and I see it as an incredibly exciting market." He further mentioned that the company is producing in India to remain competitive and is continuously investing in the operational and supply chain aspects. The Cupertino-based tech giant has set revenue records in more than a dozen countries and regions, including India, Latin America, the Middle East, Canada, Spain, and Turkey.
Speaking about Apple's presence in India, Cook highlighted their recent store openings and the enormous opportunity that lies ahead. He also mentioned the company's focus on expanding channels and developing the developer ecosystem. "We are working on the entire ecosystem and I couldn't be more excited and enthusiastic about it," Cook shared.
Apart from India, Cook also discussed Apple's efforts towards sustainability and social responsibility. The company is investing in solar and wind power in the US and Europe to power its operations and devices. Additionally, they are working with partners in India and the US to replenish 100% of the water they use in places that need it the most, with the goal of delivering billions of gallons of water benefits over the next two decades.
During their fiscal 2024 second-quarter earnings report, Apple announced a quarterly revenue of USD 90.8 billion, which was a 4% decrease from the previous year. However, Senior Vice President and Chief Financial Officer, Luca Maestri, shared that the company is particularly pleased with the strong momentum in emerging markets. "We set first-half revenue records in several countries and regions, including India, Latin America, the Middle East, Indonesia, the Philippines, and Turkey," Maestri stated.
As Apple continues to focus on the Indian market and invest in sustainability, they are also committed to creating positive change and making a difference in the world. With their strong performance and efforts towards growth and development, it is clear that Apple's future in India is bright and promising.
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