Apple CEO Tim Cook spoke about the company’s performance in India during the earnings call in which it was announced that the iPhone maker set revenue records in India in the quarter ended March 2024. This comes as Apple’s overall revenue declined 4% owing to a fall in iPhone sales by as much as 10% compared to the same period last year.
Tim Cook said, “We did grow strong by double-digit, and so we were very, very pleased with that. It was a new March quarter revenue record for us. As you know, as I’ve said before, I see it as an incredibly exciting market and it’s a major focus for us.”
The company has set a six-month revenue record in India, among other emerging markets, Apple’s chief financial officer Luca Maestri said, adding, “We were particularly pleased with our strong momentum in emerging markets, as we set first-half revenue records in several countries and regions including Latin America, the Middle East, India, Indonesia, the Philippines, and Turkey.”
“We are happy because these are markets where our market share is low, the populations are large and growing, and our products are really making a lot of progress in those markets. The level of excitement for the brand is very high,” Luca Maestri said.
Tim Cook On AI
Apple CEO Tim Cook remains optimistic about Apple’s AI moves. During an investors’ call after the latest quarterly earnings, Cook said Apple is making “significant investments” in AI. “We continue to feel very bullish about our opportunity in generative AI,” Cook told investors during the call.
He also said Apple sees “generative AI as a very key opportunity across our products.”
Apple will host its annual developer conference — WWDC — on June 10 and the focus will be on AI-powered innovations Apple will announce. “We believe in the transformative power and promise of AI,” Cook told investors, before adding, “we believe we have advantages that will differentiate us in this new era, including Apple’s unique combination of seamless hardware, software and services integration, groundbreaking Apple’s silicon, with our industry-leading neural engines and our unwavering focus on privacy, which underpins everything we create.”
Luca Maestri, chief financial officer, Apple also weighed in with his views and said Apple has been investing heavily in innovation across the board. “We are obviously very excited about the opportunity with Gen AI. We obviously are pushing very hard on innovation on every front and we’ve been doing that for many, many years,” he said.
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