Apple Chief Executive Officer (CEO) Tim Cook has said he is very bullish and optimistic about India and sees a lot of similarities between where the Indian market is now and where the Chine was several years ago. Cook said the company is bringing all of its energies to expand its footprint in India.
Apple CEO said he is very bullish about India
Apple’s Q3 numbers were actually better than estimates with the company posting quarterly revenue of $45.4 billion and quarterly earnings per diluted share of $1.67.
Apple CEO Tim Cook on Tuesday said he sees a lot of similarities between India and where China was several years ago. Taking questions at Apple’s third quarter earnings call, Cook said: “ I’m very, very bullish and very, very optimistic about India.”
Apple looks at India as its next growth market since numbers in greater China have not been that great of late. Incidentally, revenue from both Greater China and Rest of Asia showed a sequential dip of -25 and -28 per cent respectively this quarter. But China was also a 10 per cent drop compared to last year. However, Cook said China was “actually flat year-over-year during Q3” and the company was actually up 6 per cent constant currency terms.
Cook said he sees a lot of similarities between where the Indian Market is now and where China was several years ago.
Apple had in May said that it began initial production of a “small number” of iPhone SE in Bengaluru and would start shipping to domestic customers. The Karnataka Government had in February announced Apple Inclusive proposal to commence initial manufacturing operations in Bengaluru. The phones will be manufactured by Wistron, a Taiwanese OEM for Apple.