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Apple Chief Executive Tim Cook is confident that emerging markets like India will provide more opportunities for growth, with their youthful populations and relatively few iPhones.
iPhone sales jumped 1.5 percent to $51.3 billion for its fiscal second quarter even as global smartphone shipments fell 13 percent in January to March, according to research firm Canalys, whose data showed Apple gained market share from Android phones.
Apple said it set sales records in several countries across South Asia, Latin America and the Middle East.
Cook credited such markets where the company is luring away Android phone users.
He added that there’s a great opportunity for them in those markets because of their low share and the dynamics of the demographics,
Apple, which recently opened its first two retail stores in Mumbai and Delhi, set a quarterly record, and enjoyed a double-digit percentage growth in India year-over-year.
Cook noted that there are a lot of people coming into the middle class in India, and he really feels that India is at a tipping point.
Apple was the second biggest revenue generating brand in India in 2022, second only to Samsung, as it gained 18 percent of the total value of smartphone shipments, according to research firm Counterpoint.
