The reward for India, which has now develop into a daily characteristic at Apple’s quarterly outcomes, got here at a time when the corporate’s quarterly gross sales and revenue beat Wall Avenue expectations, however income from China dipped 2.5% on rising competitors and iPhone restrictions in sure authorities departments.
Nevertheless, Cook dinner praised India and a clutch of different markets in his evaluation on outcomes. On India, the Apple CEO stated, “We had an all-time income file (within the September quarter) in India… we grew at very sturdy double digits. It is an extremely thrilling marketplace for us and a significant focus of ours.”
Nevertheless, he added that the momentum is simply starting out there the place it opened two company-owned shops for the primary time this yr (in Mumbai and Delhi), and the place it has begun on-line gross sales by its official channel. “We’ve got a low share in a big market and so it might appear that there is a variety of headroom there… We see a unprecedented market – lots of people transferring into the center class… Plenty of positives, we put two retail shops there and they’re doing higher than we anticipated – it is nonetheless early going however they’re off to begin and I could not be happier with how issues are going in the mean time.”
Apple’s market share in India has been on an upswing, particularly as demand for luxurious merchandise stays sturdy post-Covid. Apple has been investing aggressively for manufacturing (by companions comparable to Foxconn), retail and gross sales. As per numbers sourced from CyberMedia Analysis, Apple’s share in India has grown from 1% on the shut of 2018 to six% on the finish of the third quarter of 2023, as increasingly Indians buy not solely the most recent iPhone but in addition a few of its earlier variations. “Apple’s success in India stems from the enduring aspirational enchantment of iPhones, bolstered by elevated native manufacturing, prudent pricing, and aggressive advertising and marketing efforts,” Prabu Ram, head business intelligence group at CMR, stated.
Cook dinner stated Apple achieved information in a number of nations, together with Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkiye, the UAE and Vietnam. Responding to a query on a comparability between Apple’s development momentum in India and China through the years, Cook dinner stated “every nation has its personal journey” and he “would not wish to play the comparability sport.”
