In the analysts’ call after posting its quarterly results, Cook said late on Thursday that looking at the business in India, “we set a quarterly revenue record and grew very strong double digits year over year and so we feel very good about how we performed”.
“That’s despite the headwinds that we talked about. India is a hugely exciting market for us and a major focus. We brought the online store there in 2020. We will soon bring Apple Retail there,” Cook announced.
Apple is set to launch its own-branded first brick-and-mortar store in Mumbai anytime soon.
On the opportunity in India post-pandemic, Cook said, “We actually did fairly well through Covid in India and I’m even more bullish now, hopefully on the other side of it”.
“That’s the reason why we are investing there by bringing retail there, bringing the online store there and putting out a significant amount of energy there. I’m very bullish on India,” Cook added.
“We are putting a lot of emphasis on the market. There’s been a lot going from financing options and trade-ins to make products more affordable and give people more options to buy,” said Apple CEO.
Luca Maestri, Apple’s Chief Financial Officer, said that the growth is coming from every major product category and geographic segment, “with strong double digit increases in emerging markets such as Brazil, Mexico, India, Indonesia, Thailand and Vietnam.”
Apple sold 2 million iPhones in India in the holiday quarter (Q4) of 2022, registering 18 per cent growth (quarter-on-quarter) for its flagship device.
The India market share of iPhones reached 5.5 per cent for 2022, an 11 per cent growth (year-on-year).
According to the latest CMR data, iPhone 14 series logged 59 per cent market share in Q4 2022, followed by iPhone 13 series at 32 per cent growth.