Last Update: May 05, 2023, 11:26 AM IST
Apple CEO Tim Cook is on his India visit for Apple Store launch in Mumbai and Delhi.
Apple Q4 results: The company reported sales of nearly $6 billion in India in the year through March.
Apple recently unveiled its first official store in India. During the launch of Apple Stores in India, the company’s CEO Tim Cook traveled across the country. The launch was more than any regular event and reflects the importance of India to Apple’s plans. India’s position in Apple’s plans was again on display during the announcement of the company’s quarterly results. According to a Bloomberg report, Tim Cook made a reference to India 20 times in a conference call announcing Apple’s earnings last quarter. Highlighting that India is at an inflection point, the Apple chief said the vibrancy in the market here was ‘incredible’.
“A lot of people are coming into the middle class and I really think India is at an inflection point. and market dynamics. The liveliness is incredible,” Cook was quoted as saying by the news agency.
The company reported sales of nearly $6 billion in India in the year through March. The record sales further reflect the importance of India in Apple’s plans.
The company sees India, the world’s most populous country, as a key market as well as production base as it looks beyond China. Tech giants are looking to reduce their reliance on China for production amid rising tensions between Washington and Beijing. Foxconn technology The group, a major maker of Apple’s iPhone, is set to invest around $700 million to build a new plant in India. It is being told that the company wants to make iPhone parts on a 300-acre site located near Bengaluru, Karnataka.
Meanwhile, Apple smashed all forecasts with its earnings for the quarter ended March. The company reported a profit of $24 billion on revenue of $94.8 billion in the quarter ended March. The impressive quarterly report was despite significant declines in sales of several Apple products. While the iPhone increased its momentum by 1.5 percent to $51.33 billion, Mac sales fell more than 30 percent to $7.17 billion. The wearables business, which includes products such as the Apple Watch and AirPods, also declined 1 percent to $8.76 billion.
However, it was the services business that came to Apple’s rescue. Products such as iCloud and Apple Pay rose 5.5 percent to $20.9 billion.
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