From $4.1 billion a year earlier, revenue in India increased by over 50%, according to a source with knowledge of the situation who wanted to remain anonymous because the information is private. Tim Cook launches a retail push, Apple’s India sales are close to $6 billion.
On May 4, Apple company is expected to report its quarterly earnings, and the company has hinted that it anticipates a drop in overall global revenue.
In the year ending in March, Apple Inc.’s sales in India reached a record high of roughly $6 billion, underscoring the market’s growing significance for the iPhone manufacturer as Chief Executive Officer Tim Cook prepares to set up the company’s first local stores.
From $4.1 billion a year earlier, revenue in India increased by over 50%, according to a source with knowledge of the situation who wanted to remain anonymous because the information is private. On May 4, Apple is expected to report its quarterly earnings, and the company has hinted that it anticipates a drop in overall global revenue.
The company’s cellphones and computers have never had more than a small market share in India, a country of 1.4 billion people, where Cook is expected to open the country’s first Apple stores this week in an effort to spur development. Apple has recognized India’s growing middle class as a lucrative potential in a world where tech demand is slowing down, and it is also rapidly expanding local production there.
A request for comment from Apple, which had hitherto relied on retail partners and online sales in India, went unanswered.
The company launched its online store in India in 2020 and its sales drive is set for a boost as it opens its first local store Tuesday in an upscale business district in the financial hub of Mumbai. Two days later, it plans to open an outlet in the capital, New Delhi.
Though only 4% of India’s over 700 million smartphone users own an iPhone, the country has the second-largest mobile market in the world, which is dominated by inexpensive local brands as well as Chinese and South Korean manufacturers. But according to researcher Counterpoint, the Cupertino, California-based business came in first place in unit sales of gadgets costing more than $365 in 2017.
The world’s most valuable firm uses Apple stores as important retail and showcase locations, and they frequently turn into popular tourist destinations. Importantly, the new India stores will serve as support facilities as well, which could be a selling factor since it makes product returns and repairs simpler.
