Speaking at Apple’s Q2 2023 earnings call, CEO Tim Cook made reference to India 20 times reported Bloomberg News.
Highlighting that India was at a tipping point, and a major focus for Apple, the chief said that the dynamism and vibrancy in the India market was just ‘unbelievable’. During the call, Cook said, “…in a milestone for Apple, we just opened our first two Apple stores in India, in Mumbai and Delhi. I was there to see it for myself, and I couldn’t have been more delighted by the excitement and enthusiasm of the customers, developers, creators, and team members I got to spend time with.”
Apple brought in record revenue in India in the first quarter of the year, Cook said, as he extolled the potential of what could become a key market for the tech giant. ((The company doesn’t break out India revenue in its earnings statements, but Bloomberg News reported Apple posted almost $6 billion of sales there in the year through March).
The record sales further signify India’s importance in Apple’s plans. The company sees India, the world’s most populous country, as both a major market as well as a production base as it looks beyond China. Cook also met Prime Minister Narendra Modi during his recent visit.
Foxconn Technology Group, a major manufacturer of Apple’s iPhone, is reported to be gearing up to invest nearly $ 700 million to build a new plant in India. The company is reported to be looking to produce iPhone parts on a 300-acre site located near Bangalore, in the southern state of Karnataka.
