Apple sees strong double-digit growth in India, plans increased production: Tim Cook
During an analyst call following the announcement of its fiscal 2024 second-quarter results, which showed revenue of $90.8 billion, Cook noted that Apple has achieved revenue records in over a dozen countries and regions, India included.
New Delhi: Apple registered strong double-digit growth in India in the March quarter this year and the company will continue to expand its operations, the company’s CEO Tim Cook said on Friday, adding that in order to be competitive, they need to manufacture more in India.
In an analysts call after announcing results for its fiscal 2024 second quarter with revenue of $90.8 billion, Cook said that the company has set revenue records in more than a dozen countries and regions, including India.
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“We are very, very pleased about it. It was a new March quarter revenue record for us. As you know, as I’ve said before, I see it as an incredibly exciting market and it’s a major focus for us,” the Apple CEO told analysts.
“In terms of the operational side or supply chain side, we are producing there and from a pragmatic point of view, you need to produce there to be competitive,” he added.
CEO Tim Cook said that the company is continuing to expand its channels and also working on the developer ecosystem in India as well.
“We have been very pleased that there is a rapidly-growing base of developers there. And so, we’re working all of the entire ecosystem from developer to the market to operations,” he informed.
Cook said that the company is also working with partners in India and the US to replenish 100 per cent of the water “we use in places that need it most, with the goal of delivering billions of gallons of water benefits over the next two decades.”
The company is geared up to manufacture more than 50 million iPhones in India annually, as it aims to shift some of the production out from China.
The FY24 production of iPhones exceeded Rs 1 lakh crore, with 70 per cent exports and a total market value of Rs 1.6 lakh crore.
Luca Maestri, Senior Vice President and Chief Financial Officer, Apple, said that the company set first-half revenue records in several countries and regions, including India.
More than 1.5 lakh people have got employment in the entire Apple ecosystem in India.
