Apple CEO Tim Cook Bullish on India Market: Records All-time Quarterly Revenue High in 2022
Tim Cook, CEO of Apple, has expressed his strong enthusiasm for India, deeming it a major area of focus for the tech giant. He also characterizes it as an “exciting market” where Apple is heavily investing in retail and online presence.
At the start of the year, Minister Piyush Goyal of the Ministry of Commerce declared that Apple is hoping for India to make up to 25 percent of its production, compared to the current range of 5 to 7 percent. India is a major focus for Apple and they have recorded their all-time quarterly revenue high in India during the October-December quarter of 2022, posting double-digit growth.
Apple sold 2 million iPhones in India in the fourth quarter of 2022, registering an 18% quarter-on-quarter growth, according to a report by CyberMedia Research. For 2022, the iPhone's market share in India grew to 5.5%, a year-over-year increase of 11%.
At an earnings call after Apple reported financial results for its fiscal 2023 first quarter ended December 31, 2022, Tim Cook said, “We actually did fairly well through COVID in India. And I'm even more bullish now on the other side of it, or hopefully, on the other side of it. And that's the reason why we're investing there. We're bringing retail there and bringing the online store there and putting a significant amount of energy there. I'm very bullish on India.”
In total, the tech giant reported revenue of $117.2 billion and net income of $30 billion (a 13% decrease) for the first quarter of fiscal 2023, which ended on December 31, 2022. This translates to earnings per share of $1.88. According to Refinitiv data, the average expectation of analysts was for Apple to report revenue of $121.1 billion and earnings per share of $1.94.
Apple CEO Tim Cook reported that Mac revenue for the quarter was $7.7 billion, which was in line with expectations.
However, the company had announced that shipment volumes of the two new models would be lower than expected and customers would have to wait for a longer time to receive new products, as per the news report.
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