Apple CEO Tim Cook has said, that though the decision of demonetising high-value currency in India created huge economic pressure in the last quarter, yet his company had an all-time record revenue results. He said that, though he was happy about it, the demonetisation move is still ‘having and overhang’ and could get bad after a while. Nevertheless, Cook praised the move and said that it is a ‘great move’. Cook added that he was impressed with the way his company is doing in India.
Tim Cook, in the first quarter earnings call with analysts and journalists, said that Apple was in discussions many things in India, which include retail stores as well, The Indian Express reported. “We fully intend to invest significantly in the country and believe it’s a great place to be,” he said. Cook also mentioned India as he talked about revenue records from Apple services. Apart from Cook, Apple CFO Luca Maestri also joined in the call and informed that even the Apple Macs and iPads have been doing well in the country where both of them recorded double-digit growth.
Maestri said that when it comes to iPad sales, Apple has expanded distribution channels in India and China as they attract a lot of first-time tablet buyers. He added that the channel inventory was reduced by around 7 lakh units compared to the increase in 9 lakh units in 2016 and the fact that the quarter was exited near to the low end of Apple’s five to seven-week target range.
When it comes to iPhones, Cook did not reveal the specific number of units shipped in India. According to a report by Counterpoint Research, Apple ranks number 10 in smartphone list in India during the fourth quarter, that is when it sold a third of its units after the launch of the iPhone 7. Apple iPhone still leads in the premium smartphone segment with 62 percent market share and 2.5 million units sold.
Maestri had said that Apple has an aspirational value, and with the middle class growing in India, China and Brazil, more people can now afford products.