edited by: Shaurya Sharma
Last Update: February 04, 2023, 10:51 IST
Tim Cook says that there is a huge opportunity for Apple in India post the COVID-19 pandemic. (file photo)
CEO Tim Cook sees India as a “very exciting market” and plans to expand Apple’s presence there with an online store, retail presence and more affordable financing options.
Apple released its Q1 2023 financial report on Friday, showing revenue of $117.2 billion, a 5% decrease from the previous year. However, the tech giant saw exceptional results in India, reaching record-breaking numbers and leaving CEO Tim Cook feeling ‘very good’, as he said in a statement.
Tim Cook said about Apple’s growth in India, “Looking at the business in India, we set a quarterly revenue record and very strong double-digit growth year-over-year and so we feel very good. ” Tim also claimed India It is an “extremely exciting market” for Apple and remains a key focus.
He said, ‘We brought the online store there in 2020. We will soon bring Apple retail there. We are putting a lot of emphasis on the market. A lot is happening with financing options and trade-ins to make products more affordable and give people more options to buy.
Notably, Apple has been offering ‘Made in India’ iPhones for a while now, undercutting the price of vanilla iPhone models including the iPhone 13, iPhone 14. The latter, for example, has dropped in price in most retail channels, although not officially. Additionally, the Pro models – iPhone 14 Pro and iPhone 14 Pro Max have also seen huge demand in India.
Tim Cook agrees that there is a huge opportunity for the company in India post the COVID-19 pandemic. “We have actually done quite well in India through COVID and I am even more optimistic now, hopefully on the other side of it. That’s why we’re investing there by bringing retail there, bringing online stores there and putting a significant amount of energy there. I am very optimistic about India.”
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