Apple set a quarterly record in the January-March period in India and grew very strong, in double digits year-over-year, said Tim Cook, the company’s CEO who was in India last month to open the first branded retail stores in Mumbai and New Delhi.
Apple reported a record revenue of $94.8 billion for its March quarter which was better than expectations.
“Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year. So it was quite a good quarter for us, taking a step back, India is an incredibly exciting market. It’s a major focus for us. I was just there, and the dynamism in the market, the vibrancy is unbelievable,” Cook told analysts during the earnings call late on Thursday.
Over time, he said, Apple has been expanding operations in India to serve more customers.
“Three years ago, we launched the Apple Store online, and then, we launched two stores just a few weeks ago, and they’re off to a great start, one in Mumbai and one in Delhi,” said Cook.
Apple has got a number of channel partners in the country as well.
In response to an analyst query comparing India and China, Cook said each country is different and has its own journey. He further added, “Overall, I couldn’t be more delighted and excited by the enthusiasm I’m seeing for the brand there. There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there.”
The company achieved all-time records in Mexico, Indonesia, the Philippines, Saudi Arabia, Turkey and the UAE, as well as a number of March quarter records, including in Brazil, Malaysia and India.
Apple is betting on India to become a key manufacturing hub as a means to diversify it plans to diversify its manufacturing capabilities outside China. In order to make this possible the government has also offered production schemes like production-linked incentive for smartphones.