Apple in India is cruising. Even though Cupertino’s quarterly revenue was down 4 percent year over year in the fiscal 2024 second quarter ended March 30, 2024, the India market stood out as a rare silver lining garnering robust growth, reaching strong double-digit figures, something that Apple and its CEO Tim Cook have highlighted “prominently” to investors in their recent earnings call.
India in fact was mentioned several times during the earnings call, with Tim Cook reiterating its potential and importance for Apple’s future growth roadmap. This is the first time he spoke about “the whole thing” from developer to the market to operations, as what can only be called a “green spot” even as it continues to face challenges on its home turf. Market research firms have indicated that Apple currently holds a 7 percent share of India’s smartphone market and while it may seem small, Apple has clearly come a long way from being a less than 1 percent contender a few years ago.
In its next phase of growth, Apple is going all gung-ho on ramping up manufacturing and distribution to capture even more market share. When paired with a diversified product set, and growing affordability option, there’s never been a better time to invest in an Apple iPhone or an iPad.
Here’s why Tim Cook and team are ‘very, very pleased’ with the ‘whole thing’ in India:
- Apple has achieved revenue records in over twelve countries and regions, including notable March quarter milestones in Latin America, the Middle East, Canada, India, Spain, and Turkey, CEO Tim Cook said.
- The company is pleased about the strong double-digit growth in India, Cook said, adding that it was “a new March quarter revenue record” for Apple.
- As he has stressed often, Apple sees India as “an incredibly exciting market and a major focus for us”, Cook highlighted.
- Cook further stressed that Apple has been making in India which is important in order to be competitive.
- “We have both operational things going on and we have go-to-market, and initiatives going on,” Cook said.
- Cook mentioned how its physical stores —BKC, Saket— presented an enormous opportunity to grow further.
- “We’re continuing to expand our channels, and also working on the developer ecosystem as well,” he said.
- Cook said further that Apple is pleased that there is a rapidly-growing base of developers in India.
- Lastly, he highlighted how it has been working with partners in India to replenish 100 percent of the water it uses in places that need it most, with “the goal of delivering billions of gallons of water benefits over the next two decades.”
- Apple’s quarterly revenue fell to USD 90.8 billion, down 4 percent year over year, but it was less than analysts had expected. iPhone sales saw a decline of 10 percent.
