India remains an incredibly exciting market for Apple and a key focus area, CEO Tim Cook said while sharing the company’s Q2 2024 earnings report on Friday. The March quarter was yet another instance where Apple India registered robust growth, reaching strong double-digit figures, helping the iPhone-maker beat expectations globally. Apple’s quarterly revenue fell to USD 90.8 billion, down 4 percent year over year, but it was less than analysts had expected. India was the rare silver lining.
“We did grow strong double-digit (in India). And so we were very, very pleased about it. It was a new March quarter revenue record for us,” Cook said, adding that m, “I see it as an incredibly exciting market and it’s a major focus for us.”
Cook emphasised on the need to make in India and how its physical stores —BKC, Saket— presented an enormous opportunity to grow further. Specifically on manufacturing, he highlighted that Apple needs to make in India in order to stay competitive in the world’s fastest growing smartphone market.
“In terms of the operational side or supply chain side, we are producing there, from a pragmatic point of view, you need to produce there to be competitive,” Cook said. Apple continues to expand its [distribution] channels in the country, he added.
Apple‘s Q2 2024 earnings report comes just days before its highly anticipated iPad hardware event on May 7, 2024. The numbers reveal a familiar narrative for the aging iPad lineup, with revenue dropping by 17 percent year over year. It’s been a long wait for prospective buyers. The last big updates had come in 2022 while the flagship iPad Pro saw its last major redesign in 2018. Meanwhile, iPhone sales saw a decline of 10 percent.
Apple introduced its Vision Pro headset during the quarter, although Cook remained tight-lipped about its reception. While acknowledging the headset’s launch, Cook emphasised the potential of spatial computing without delving into specifics regarding its market performance.
With WWDC scheduled for June 10, this earnings report serves as the final update before Apple unveils its strategy for integrating generative AI features into its ecosystem. Reports suggest that the initial batch will work on-device resulting in faster processing while also ensuring privacy remains strongly intact.
