During a shareholder’s call to review the company’s performance in the second fiscal quarter of the financial year, Cook underscored India’s importance alongside other key regional markets. Despite an overall 4 percent year-over-year decline in Apple’s revenue, India stood out with its continued strong performance. Cook expressed satisfaction with this achievement, stating, “We were very, very pleased about it”.
Here are the key takeaways from his statements:
Strong Double-Digit Growth in India
Despite global challenges, Apple achieved strong double-digit growth in India during the second fiscal quarter of the financial year. The company posted a quarterly revenue record in India in March, indicating its success in the country’s market.
Investment and Expansion
Apple has been heavily investing in India over the past few years. Cook emphasized the country’s significance as an opportunity for further expansion. The Cupertino-based company aims to solidify its position in India by exploring growth avenues and enhancing its presence.
Operational and Supply Chain Considerations
Cook acknowledged that producing in India is essential for competitiveness. Apple began contract manufacturing in India in 2017, initially focusing on entry-level and legacy devices. In recent years, the company expanded production to include iPhone 14 units via Foxconn’s Tamil Nadu plant. India now assembles about 14% of Apple’s total manufactured units.
Developer Ecosystem and Enormous Opportunity
Apple is actively working on building a developer ecosystem in India. The company opened a couple of Apple Stores in India last year and sees enormous growth potential in the market.
AI Features
Cook hinted at upcoming AI features from Apple. While details remain undisclosed, this move could further enhance the user experience and innovation within Apple’s ecosystem.
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