Describing India as a “major focus” for Apple, CEO Tim Cook has said the tech giant has a “low share” in the country’s large market and there is a "lot of headroom" and "positives" there for the company.
“We had an all-time revenue record in India. We grew very strong double-digits. It's an incredibly exciting market for us and a major focus of ours,” Cook said Thursday during Apple’s Q4 2023 earnings conference call.
He added that Apple has a "low share in a large market, and so it would seem there's a lot of headroom there.”
Cook was responding to a question on momentum in India and growth opportunity in hardware units.
Cook underscored that Apple sees “an extraordinary market” in India, "a lot of people moving into the middle class, distribution is getting better, lots of positives.”
The company has set up two retail stores in Mumbai and Delhi and Cook said “they're doing better than we anticipated. It's still early going, but they're off to a good start and I couldn't be happier with how things are going at the moment.”
Apple announced financial results for its fiscal 2023 fourth quarter ended September 30, 2023. The company posted quarterly revenue of USD 89.5 billion, down one per cent year over year from USD 90.1 billion.
Cook noted that Apple achieved “an all-time revenue record” in India, as well as September quarter records in several countries, including Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE and Vietnam among others.
iPhone revenue came in ahead of the company’s expectations, setting a September quarter record, as well as quarterly records in many markets, including China mainland, Latin America, the Middle East, South Asia and an all-time record in India, he said.
Responding to a question on a comparison between Apple’s growth momentum in India and China over the years, Cook said “each country has its own journey” and he “wouldn't want to play the comparison game.”
Apple CFO Luca Maestri noted that the company is “particularly pleased” with its performance in emerging markets with revenue reaching an all-time record in fiscal 2023 and double-digit growth in constant currency.
“We are expanding our direct presence in these markets from new Apple retail stores in India to online stores in Vietnam and Chile,” Maestri said.
Cook was in India in April, his first trip to the country in seven years, to open Apple's first official retail store in the country in Mumbai, followed by the launch of a second store in New Delhi. The Apple CEO had termed the opening of Apple’s first two stores in India as a “milestone” for the company.