Apple Strikes 'All-Time' Revenue Record In India As CEO Tim Cook Hails Vibrant Market - Apple (NASDAQ:AAPL)

This story was first published on the Benzinga India portal.

After posting quarterly earnings results, Apple Inc.'s AAPL CEO Tim Cook on Thursday presented an optimistic outlook despite a minor slump in comprehensive revenue. The tech behemoth's iPhone sales flourished, hitting an all-time high, with India being a standout performer. The company's fourth-quarter results amounted to a whopping $89.5 billion, seeing a slight 1% decrease from the previous year. However, Cook's narrative painted a picture of specific victories.

What Happened? During the earnings call, Cook's tale was one of strategic triumph, with iPhone earnings surpassing predictions and setting a new standard for the September quarter. His focus was drawn to India, where Apple achieved an "all-time revenue record." This record underlines the company's flourishing relationship with one of the globe's most dynamic markets.

What's Coming Next? Cook portrayed India as a market brimming with immense potential, with a burgeoning middle class ready to adopt high-end technology. "We have a low share in a large market," Cook stated, implying the untapped potential and Apple's intention to penetrate further into the Indian consumer base. The inauguration of two retail outlets, which are outperforming expectations, signifies the early stages of Apple's retail expansion in the country.

Apple's CFO, Luca Maestri, reinforced Cook's sentiments, attributing the iPhone's success to the "strength in emerging markets," with India being a notable contributor. The company's strategy appears to be fruitful, with a 34% year-over-year surge in iPhone shipments in India. This percentage significantly contrasts with the country's otherwise stagnant smartphone market growth.

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