Apple Sees India for Its Future Growth and Invests in Emerging Markets
Apple opened its first and second showrooms in Mumbai and Delhi in India on 18 April 2023. With the humble gesture, Tim Cook addressed the people and as per his actions and the company’s vision, India could be the biggest investing territory for Apple and Tim Cook.
Highlights
- Apple opens its first and second stores in Mumbai and Delhi in India
- Tim Cook given a humble gesture during the inauguration of Apple Stores in India
- Apple recorded strong growth in its iPhone Sales
Apple Inc. surprised investors this week with a surge in iPhone sales when the global market of mobile phones is dealing with low sales, Apple’s CEO Tim Cook gave the credit to emerging markets like India where Apple is luring the users of Android.
Apple is ready to bet for the markets like India where the opportunities for growth are more with their youthful populations and relatively few phones.
The company announced the rise in iPhone sales by 1.5% to $51.3 billion for its fiscal second quarter despite the global smartphones shipments fall down by 13% from January to March, per the firm Canalys whose data depict the sales of Android phones are the main reason for such rise in Apple shares.
“We are putting efforts in a number of these markets and really see, particularly given our low share and the dynamic of the demographics, a great opportunity for us in those markets,” Told Tim Cook to the investors in a press conference call.
Apple revealed that India is the biggest focus and recently the company has opened two of its real stores in Mumbai and Delhi. The company still does not reveal the total revenue but gives a hint that the quarterly record and growth percentage were very strong double digits year-over-year.
“There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there,” said Apple’s CEO Tim Cook on a Conference Call.
“We encourage the market and it provides us an opportunity to hit some price points that we would not otherwise play in,” said Tim Cook in the interview.
