Apple reported quarterly revenue of $94.8 billion, down 3% on-year, with iPhone sales contributing $51.3 billion. Cook said he was particularly pleased with the performance in emerging markets.
“Looking at the business in India, we did set a quarterly record, and grew very strong double digits year over year. So it was quite a good quarter for us,” Cook said in Apple’s March quarter earnings call for analysts.
The quarterly record revenue comes on the back of strong iPhone sales in India. The company maintained its lead in the overall premium segment above Rs 45,000 with 62% market share, according to Counterpoint Research. It also leads in the segment above Rs 30,000 with 36% share.
Cook said India is a major focus and an incredibly exciting market. “The dynamism in the market, the vibrancy is unbelievable. Over time, we have been expanding our operations there to serve more customers,” Cook said, answering an analyst’s question.
The company launched its first two flagship retail stores in India, one in Mumbai and one in New Delhi. Cook said they are “off to a great start.” He added that he’s happy with how the partnership with its channel partners are going in India.
“Three years ago, we launched the Apple store online, and then as you just mentioned, we launched two stores just a few weeks ago, and they are off to a great start, one in Mumbai, and one in Delhi. We have got a number of channel partners in the country as well that we are partnering with. I’m very happy with how that’s going,” Cook said.“Overall, I couldn’t be more delighted and excited by the enthusiasm I’m seeing for the brand there. There are a lot of people coming in from the middle class. And I really feel India is at a tipping point. It’s great to be there,” he added.
Answering a question on whether Apple sees service opportunities in India in the longer term, Cook said there’s an opportunity across the board, including in services, but added that the average revenue per user (ARPU) is lower in India.
“TV and movie streaming, and music, the ARPUs are much lower than other lower. But if you look at it over a long arc of time, I think there’s a good opportunity across the board,” Cook said.
