Apple posted its first quarterly decline in global sales in thirteen years. Falling sales in Hong Kong and Taiwan contributed in a large measure to this fall in earnings. However, in the iPhone sales category, India was a bright spot — and Tim Cook the CEO of the company said there is room to grow.
“With only 42% smartphone penetration of the global handset market today, the iPhone is still attracting millions of first-time smartphone buyers each quarter, especially from emerging markets,” he said. “For example, in India our iPhone sales were up 56% from a year ago.”
In India, currently Apple has 2% share of the smartphone market according to International Data Corp.
“It’s already the third largest smartphone market in the world, but because the smartphones that are working there are low-end, primarily because of the network and the economics, the market potential has not been as great there. I sort of view India as where China was 7 to 10 years ago from that point of view. I think there’s a really great opportunity there,” Cook added.
