Tech giant Apple posted record revenue for the June quarter in India, boosted by strong iPhone sales, with Chief Executive Tim Cook saying the company was “pleased” with growth in the world’s second-largest smartphone market.
Given that Apple remains “very humble and has a very low share of this smartphone market,” top brass pledged to put energy into capitalizing on the huge opportunity that presents itself here.
India featured prominently on the Cupertino-based iPhone maker’s latest earnings call, where it highlighted better-than-expected performance from new store openings in the country.
Referring to specific questions about India’s potential, Cook said: “You know, we did set a revenue record for the June quarter in India with strong double-digit growth. We also opened a front office in the quarter. The two retail stores, of course it’s early days right now. “Currently, but they’ve exceeded our expectations so far”.
Apple said it will continue to work on building the channel and investing more in direct-to-consumer products.
“So I think if you look closely, it’s the second-largest smartphone market in the world, and we should be doing well there, and we’re very happy with the growth there,” Cook said.
At the same time, the executive added: “Our share of this smartphone market is still very, very limited and low, so I think this is a huge opportunity for us. We are putting all our energy into Make it happen.” Earlier this year, Apple laid out ambitious retail expansion plans in India, opening two retail stores in Mumbai and Delhi during Cook’s first visit to the country in seven years.
The new store openings in Mumbai and Delhi come as Apple tries to deepen its retail presence in India, the booming smartphone market.
During his trip to India, Cook met with Prime Minister Narendra Modi, Minister of Electronics and Information Technology Ashwini Vishno, and Minister of State for Information Technology Rajiv Chandrasekhar, and highlighted the company’s Investment Commitment to India.
Seeking to replicate China’s impact on Apple’s business over the past 15 years, the tech giant is eyeing India’s massive market and growing middle class to drive sales and potentially make it a base for millions of Apple devices .
As a result, India is also home to factories that account for 5% of iPhone production as Apple shifts its supply chain away from China.
India also sees electronics manufacturing as a key priority for its future growth ambitions, looking to attract investment from global giants looking to diversify their operations outside of China.
India hopes to leverage its renowned talent and skill base, dynamic market and favorable policies to focus massive new investments into electronics and mobile phone manufacturing and semiconductor production, redefining its equation in the global supply chain.
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