NEW DELHI: Apple’s Q1 results, which saw iPhone sales clock at 74.8 million in the quarter, also signaled that the company plans to take the Indian market a lot more seriously. The news comes even as Apple forecast a drop in revenue in Q2, its first in 13 years as iPhone sales slow down.
According to Apple CFO Luca Maestri, iPhone sales were up 76 per cent in India for the quarter, while sales grew around 45 per cent in Korea, Middle-East and Africa. In Mainland China, sales grew by 18 per cent. Based on the numbers shared by Apple, India appears to be the region where sales have increased the most, despite the exorbitant pricing for Apple’s iPhone 6s.
Apple’s earnings call also noted that two-thirds of the company’s revenue is now generated outside of the US, so clearly emerging markets is where the future lies for the company. Apple CEO Tim Cook said in the earnings call that the company plans to invest in India for a long term. “India is incredibly exciting.
It is one of the fastest growing economies, and is also the third largest smartphone market in the world, after China and US. In India, the median age for the population is 27, in China that’s nearly 36 years. I see the demographics there being incredibly great for a consumer brand, and for people that really want the best product,” Cook said.
