Cook stated late on Thursday that looking at the company in India, “we established a quarterly sales record and grew very strong double digits year over year and so we feel very happy about how we did” on the analysts’ call following the release of its quarterly results.
In New Delhi: According to Apple’s CEO Tim Cook, the company has also achieved quarterly records in Brazil and India and another all-time revenue record for the Indian market.
Cook stated late on Thursday that looking at the company in India, “we established a quarterly sales record and grew very strong double digits year over year and so we feel very happy about how we did” on the analysts’ call following the release of its quarterly results.
“Despite the obstacles we discussed, that is. For us, India is a really interesting market and a key area of concentration. In 2020, we relocated the online store there. Apple Retail will soon be there, Cook promised.
In the near future, Apple will open its first brick-and-mortar location under its own brand in Mumbai.
Cook stated, “We really performed very well with Covid in India and I’m much more confident now, hopefully on the other side of it,” in reference to the opportunities in India following the epidemic.
That is the reason we are making an investment there by opening a physical location, moving the online business there, and putting up a lot of effort. I have high hopes for India, Cook continued.
“The market is something we emphasise a lot. A lot has changed in terms of financing alternatives and trade-ins to lower the cost of goods and expand consumers’ purchasing options, according to Apple CEO.
The growth is coming from all key product categories and geographical areas, according to Apple’s chief financial officer Luca Maestri, “with substantial double digit gains in growing countries such as Brazil, Mexico, India, Indonesia, Thailand, and Vietnam.”
In the fourth quarter of 2022, which included the Christmas season, Apple sold 2 million iPhones in India, representing an increase in sales of 18% (quarter over quarter).
In India, the market share of iPhones reached 5.5% in 2022, an 11% increase (year-on-year).
The iPhone 14 series had a market share of 59% in Q4 2022, according to the most recent CMR statistics, with the iPhone 13 series coming in second with a growth rate of 32%.
