Tim Cook says India is 'a great place to be' as Apple posts its all-time record revenue
Apple CEO Tim Cook’s bet on overseas markets as the company looks for further growth and expansion is starting to show results.
The company posted strong quarterly iPhone sales and revenue Tuesday, reporting substantial growth in regions such as India, the fastest growth smartphone market.
Cook, who paid his maiden visit to India as CEO of the company last year, said Apple had "all-time record revenue results" in the country without revealing any numbers.
The company shipped nearly 2.6 million iPhones in India last year, according to marketing research firm Counterpoint, which claimed that iPhones now account for 62 percent of all premium smartphones shipped in the country.
The feat came at a time when other smartphone manufacturers reported decline in sales amid India’s demonetisation step.
India invalidated much of its cash last November, sending a panic among its over billion citizens who have been scrambling for tender bills and other means to get on with their daily chores in the days since.
"[We] fully intend to invest significantly in the country and believe it's a great place to be," Cook said.
"Despite the demonetisation move in India that created lots of economic pressure there last quarter," Cook said in the earnings call, "we had all-time record revenue results, and so we were very happy about that."
Though Apple has acknowledged India as an important market for its future growth, its intentions were never as strong and in public domain as they were last year.
During his week-long stay in India, Cook announced a new iOS app design and development accelerator in Bangalore, and opened a map development office in Hyderabad in a move to bolster its services for the local market and attract Indian talent.
But more importantly, he expressed desires to open company’s retail stores in India. Apple has also shown interest in making its iPhones more affordable for the Indian market.
The company has had several talks with the Indian government officials to manufacture locally in the country, a bid that would enable it to avail several tax concessions.
"We are in discussions on a number of things, including retail stores, and fully intend to invest significantly in the country and believe it's a great place to be," Cook said.
Cook also counted India as one of the handful regions where its Mac and iPad lineups have observed a double-digit growth in sales.
