Apple CEO Tim Cook has said that Apple achieved record revenues in India for the quarter ending March 2024, despite a 4 percent drop in overall revenue and a 10 percent decline in iPhone sales from the previous year. 

Cook made the announcement during the earnings call on May 2, 2024, while discussing the company’s financial outcomes in India, Hindustan Times reported.

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Speaking about the Apple’s iPhone manufacturing in India, Hindustan Times reported that Tim Cook emphasised the strategic importance of local production for maintaining competitiveness. He said, “From a pragmatic point of view, you need to produce there to be competitive, and so, yes, the two things are linked from that point of view, but we have both operational things going on and we have go to market and initiatives going on.”

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According to Hindustan Times, Tim Cook expressed satisfaction with Apple’s strong double-digit growth, leading to a new revenue record for the March quarter. He reiterated his excitement about the Indian market, emphasizing its significance as a major focus area for the company.

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Luca Maestri, Apple’s Chief Financial Officer, said that alongside India, Apple saw significant revenue growth in other emerging markets during the first half of the year. He remarked, “We were particularly pleased with our strong momentum in emerging markets, as we set first-half revenue records in several countries and regions including Latin America, the Middle East, India, Indonesia, the Philippines, and Turkey.”

Maestri further highlighted the promising growth opportunities in these regions, saying, “We are happy because these are markets where our market share is low, the populations are large and growing, and our products are really making a lot of progress in those markets. The level of excitement for the brand is very high.”

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Published: 03 May 2024, 10:25 AM IST