{"id":52587,"date":"2018-05-10T19:50:06","date_gmt":"2018-05-11T02:50:06","guid":{"rendered":"http:\/\/siliconeer.com\/current\/?p=52587"},"modified":"2018-05-10T19:50:06","modified_gmt":"2018-05-11T02:50:06","slug":"apple-focusing-on-india-to-tap-huge-opportunities-ceo-tim-cook","status":"publish","type":"post","link":"https:\/\/siliconeer.com\/current\/apple-focusing-on-india-to-tap-huge-opportunities-ceo-tim-cook\/","title":{"rendered":"Apple Focusing on India to Tap Huge Opportunities: CEO Tim Cook"},"content":{"rendered":"

File photo of Apple CEO Tim Cook as he gestures during a media event at Apple headquarters in Cupertino, Calif., March 21, 2016. (Josh Edelson\/AFP\/Getty Images)<\/em><\/p>\n

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Apple is bullish on India and plans to launch all its initiatives, including retail, in the country where it has an \u201cextremely low\u201d overall market share, the tech giant\u2019s CEO Tim Cook has said, writes Yoshita Singh.<\/strong><\/p>\n

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India, the third largest smartphone market in the world, has huge opportunities for Apple, Cook said.<\/p>\n

\u201cWe have extremely low share in that market overall,\u201d Cook said during Apple\u2019s second quarter 2018 earnings call, May 1, when the tech giant posted quarterly revenue of $61.1 billion, an increase of 16 percent from the year-ago quarter.<\/p>\n

\u201cWe\u2019re thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables,\u201d said Cook.<\/p>\n

International sales accounted for 65 percent of the quarter\u2019s revenue for the Cupertino, California-based company.<\/p>\n

Cook said Apple was \u201cputting a lot of energy\u201d in India and working with the carriers in the market, and \u201cthey\u2019re investing enormously on the LTE (Long-Term Evolution) networks.\u201d<\/p>\n

He noted that the infrastructure in India has come \u201cquite a ways\u201d since Apple began to put a lot of energy in the Indian market \u201cbecause of their leadership and so forth.\u201d<\/p>\n

Apple\u2019s Chief Financial Officer Luca Maestri said that Apple\u2019s Mac set a new March quarter revenue record, including new records in both the Americas and Greater China.<\/p>\n

\u201cWe sold 4.1 million Macs, generating year-over-year growth in many emerging markets including Latin America, the Middle East and Africa, Central and Eastern Europe and India,\u201d Maestri said.<\/p>\n

Apple\u2019s Board has also approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend, he said.<\/p>\n

Cook said in India, Apple set a new first-half record. \u201cSo we continue to put great energy there and try to our objective over time is to go in there with all of our different initiatives from retail and everything else. And so we\u2019re working toward those things,\u201d he said.<\/p>\n

Describing India as a \u201chuge market,\u201d Cook said many people will be moving into the middle class over time in the country, referring to the tremendous consumer opportunity that presents to global companies.<\/p>\n

On China, Cook said he believes it is a phenomenal country with lots of opportunity both from a market and an app developer point of view.<\/p>\n

Apple has almost two million application developers in China that are writing apps for iOS and the App Store, and \u201cthey\u2019re doing unbelievably creative work and innovative work. So we look at China holistically, not only as a market.\u201d<\/p>\n

Cook was asked if he feels the iPhone market is saturated and not much room is left for growth even as potential exists in emerging markets like India.<\/p>\n

\u201cI don\u2019t buy the view that market\u2019s saturated. I don\u2019t see that from a market point of view or and certainly not from an iPhone point of view,\u201d he replied.<\/p>\n

Cook stressed that the smartphone market is like the best market for a consumer product company in the history of the world. \u201cIt\u2019s a terrific market, and we\u2019re very happy to be a part of it,\u201d he said.<\/p>\n

He highlighted that in terms of the market in general, last year there were still half a billion feature phones sold in the world, with many of these being sold into emerging markets.<\/p>\n

\u201cAnd we still believe that over time every phone sold will be a smartphone. And so it seems to us that with that many feature phones being sold, that\u2019s a pretty big opportunity,\u201d Cook said.<\/p>\n

Cook acknowledged that in terms of the iPhone itself, Apple\u2019s market share globally is low and its sales are low compared to the full market of smartphones even though Apple sells quite a few phones across the course of a year.<\/p>\n

The company\u2019s net income for the second quarter was $13.8 billion, up from $11 billion a year ago.<\/p>\n

Cook said it was Apple\u2019s best March quarter ever, with strong revenue growth in iPhone, Services and Wearables.<\/p>\n

\u201cCustomers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter. We also grew revenue in all of our geographic segments, with over 20 percent growth in Greater China and Japan,\u201d he said.<\/p>\n

Apple sold 52.2 million iPhones in the second quarter of 2018, which was down 32 percent from the first quarter of this year when it had sold 77.3 million iPhones but up only three percent from the second quarter of 2017 when it had sold 50.7 million units.<\/p>\n","protected":false},"excerpt":{"rendered":"

File photo of Apple CEO Tim Cook as he gestures during a media event at Apple headquarters in Cupertino, Calif., March 21, 2016. (Josh Edelson\/AFP\/Getty Images) Apple is bullish on India and plans to launch all its initiatives, including retail, in the country where it has an \u201cextremely low\u201d overall market share, the tech giant\u2019s…<\/p>\n

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