Technology giant Apple has registered the slowest growth in India in the last 6 years, based on Registrar of Companies data.
Technology giant Apple has registered the slowest growth in India in the last 6 years, based on Registrar of Companies data. Apple posted a 17 percent growth, having earned Rs 11,618.7 crores in revenue in last year compared to Rs 9,937 crores earned the year before. According to a Counterpoint Research report, the Cupertino giant had sold 2.9 million units in India this year against 2.2 million units in 2016. While the company did not face losses, the growth has been quite slow. One of the major reasons could be the iPhone 8 and iPhone 8 Plus launch. While Apple launched new smartphones in the market, they were not much of an improvement over the iPhone 7 and iPhone 7 Plus. Additionally, the new iPhone X was launched at a much higher price in India that went up to Rs 1,02,000.
Earlier this year, Tim Cook, in the first quarter earnings call with analysts and journalists, had said that the company was in discussions regarding several things in the country, including retail stores as well. In that event, Apple showcased its optimism about its growth in the country. The company had claimed that even the Macs and iPads have been doing well in the country.
Apple had launched the new iPhones in September this year. As reported earlier, India is one of the costliest places to buy the devices as comparatively, they are available at much lower prices in several other countries. While the iPhone 8 series mobiles are still understandable, the price of the iPhone X (Rs 89,000 and Rs 1,02,000) is ridiculously high.