Last Updated: May 05, 2023, 11:26 IST
Apple CEO Tim Cook on his India visit, for the Apple Store launch in Mumbai and Delhi.
Apple Q4 Results: The company reported a sale of nearly $6 billion in India in the year through March.
Apple recently unveiled its first official stores in India. The launch of Apple Stores in India saw the company’s CEO Tim Cook travel all the way to the country. The launch was more than any regular event and signaled India’s importance to Apple’s plans. India’s position in Apple’s plans was again on display during the announcement of the company’s quarterly results. Tim Cook made reference to India 20 times in a conference call announcing Apple’s earnings in the last quarter, reported Bloomberg. Highlighting that India was at a tipping point, the Apple chief said that vibrancy in the market here was just ‘unbelievable.
“There are a lot of people coming into the middle class and I really feel that India is at a tipping point. And the dynamism in the market. The vibrancy is unbelievable,” Cook was quoted as saying by the news agency.
The company reported a sale of nearly $6 billion in India in the year through March. The record sales further signify India’s importance in Apple’s plans.
The company sees India, the world’s most populous country, as both a major market as well as a production base as it looks beyond China. The tech giant has been looking to reduce its dependency on China for production amid the growing tension between Washington and Beijing. Foxconn Technology Group, a major manufacturer of Apple’s iPhone, is reported to be gearing up to invest nearly $ 700 million to build a new plant in India. The company is reported to be looking to produce iPhone parts on a 300-acre site located near Bengaluru, Karnataka.
Meanwhile, Apple beat all the forecasts with its earning in the quarter ending in March. The company reported a profit of $24 billion from the $ 94.8 billion revenue in the quarter ending in March. The impressive quarterly report was despite a significant drop in the sales for many Apple products. While iPhone continued its momentum rising 1.5 per cent to $51.33 billion, Mac sales fell over 30 per cent down to $ 7.17. The number in the wearables business, which includes products like Apple Watch, and AirPods, also dipped 1 per cent to $ 8.76 billion.
However, it was the service business that came to Apple’s rescue. Products like iCloud and Apple Pay grew 5.5 per cent to $20.9 billion.
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