Apple CEO Tim Cook ‘very bullish on India’, confirms opening retail store

Apple registered revenue drop in nearly four years after Covid onset in 2019. Revenue for the iPhone maker fell 5% year-on-year (YoY) to $117 billion between October and December. Though, the business in India has fared well.

Published on: Feb 3, 2023, 17:53:33 IST

By HT News Desk

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After Apple performing better in Indian market than receiving overall quarterly revenue drop in America, CEO Tim Cook said India is a hugely exciting market and to strengthen the business, Cupertino-based tech giant will soon open a retail store in India.

"I am very bullish on India," Chief executive officer of iPhone maker said announcing the financial results on Thursday for the fiscal 2023 first quarter which ended on December 31. He added, “We are investing there (India) by bringing retail there, bringing the online store there and putting out a significant amount of energy there."

Apple registered revenue drop in nearly four years after pandemic in 2019. Revenue for the company fell 5% year-on-year (YoY) to $117 billion between October and December. Though, the business in India has fared well.

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"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," Cook said.

Cook emphasised the strong iPhone sales in India and attributed their success to the Apple Online store. He also mentioned that the iPad and Mac product lines were well received in India.

Apple first quarter result

Apple registered revenue drop in nearly four years after pandemic in 2019. Revenue for the company fell 5% year-on-year (YoY) to $117 billion between October and December.

It's the first time Apple's quarterly revenue has decreased YoY since the January to March 2019 quarter, when sales also decreased 5% due to declining iPhone demand and the effects of US trade war with China.

Apple's profit has also declined in the last quarter. Earnings equalled $30 billion, or $1.88 per share, a 13 percent decrease from the same period last year.

(Inputs from wire)

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