During the earnings call on Thursday, 2 May, Apple’s CEO Tim Cook announced that the company experienced robust double-digit revenue growth in India, reaching a new record for the March quarter. Cook expressed excitement about India as a market, emphasizing its strategic importance to Apple’s operations and growth.
Attributing the record revenues to operational efficiencies and expanding retail presence, Cook highlighted the significance of local production for competitiveness. He mentioned the successful performance of Apple’s stores in Delhi and Mumbai, which reportedly generated substantial revenues, with plans to open more stores in Pune, Bengaluru, and Noida.
Cook also noted the burgeoning developer community in India, underscoring Apple’s efforts to engage with the entire ecosystem, from developers to consumers. The company’s strong performance in the March quarter, with revenues surpassing forecasts and a historic share buyback, contributed to a significant increase in its stock value.
Despite a slight decline in year-on-year revenues, Apple exceeded analysts’ expectations, driven by robust services revenue and continued product innovation. Cook highlighted the launch of Apple Vision Pro and hinted at upcoming product announcements and the Worldwide Developers Conference.
Luca Maestri, Apple’s CFO, emphasized the company’s commitment to shareholder value, announcing an increased dividend and a substantial share repurchase program. With confidence in Apple’s future, the board of directors approved additional measures to reward shareholders while maintaining a focus on innovation and customer satisfaction.
