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The US-headquartered company reported revenue of $94.8 billion for the quarter to March, down 3% year-on-year, with iPhone sales<\/a> contributing $51.3 billion. Apple<\/a>'s net profit declined 3% on-year to $24.1 billion.
Cook said he was particularly pleased with the performance in emerging markets.
Overall 7% Mkt Share<\/strong>
This despite the company’s overall performance getting impacted by foreign exchange headwinds as well as ongoing challenges related to the global macroeconomic environment.
“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 an earnings call with analysts, without disclosing the exact numbers for India. “Overall, I couldn’t be more delighted and excited by the enthusiasm I’m seeing for the brand there (in India). 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.”
Apple’s highest quarterly revenue in India comes on the back of strong iPhone sales. The company maintained its lead in the premium segment above Rs 45,000 with 62% market share, according to Counterpoint Research. It also led in the segment above Rs 30,000, with a 36% share. Overall, Apple commanded a 7% market share in India, its highest in the country to date, as per CMR India, and 6% according to Counterpoint Research.
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,” he said in response to an analyst’s question.
“Whether it’s in the design lab in Cupertino or in one of the brand new retail stores in India, I am constantly inspired by the way our people come together to make a real difference in the world,” he said.
Cook visited India in April to launch Apple’s first two retail stores in the country – one each in Mumbai and Delhi. In a nearly week-long trip, he met Prime Minister Narendra Modi and telecom business leaders Sunil Mittal and Mukesh Ambani, among others.
In the earnings call, Cook said Apple’s stores in India are “off to a great start”. “Three years ago, we launched the Apple store<\/a> 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,” he said.