Apple CEO Tim Cook ‘very bullish’ on India

Tim Cook said despite challenges, including currency weakness, he was very optimistic about Apple's future growth in the Indian market

PTI
Updated2 Nov 2018, 01:35 PM IST
Apple CEO Tim Cook. Photo: Bloomberg
Apple CEO Tim Cook. Photo: Bloomberg

New York: Apple CEO Tim Cook voiced optimism that the Indian government will at some point agree to allow the technology giant to bring in its stores as he lauded the country’s bold reforms, saying he was a “big believer” and “very bullish” on India.

Cook was responding to a question on whether Apple is at a disadvantage in India compared to other markets, in terms of the ability to own stores and manufacture its products.

“We have had really great productive discussions with the Indian government and I fully expect that at some point, they will agree to allow us to bring our stores into the country. We have been in discussions with them and the discussions are going quite well,” Cook said during the fourth-quarter 2018 earnings call on Thursday.

Cook said in India there were import duties in some or most of the product categories that Apple was in, and in some cases they compounded. “This is an area that we’re giving lots of feedback on. We do manufacture some of the entry iPhones in India and that project has gone well. I am a big believer in India. I am very bullish on the country and the people and our ability to do well there.”

Cook said despite challenges, including currency weakness, he was very optimistic about his company’s future growth in the Indian market. With the rupee touching 74 to a dollar, Cook said the currency weakness had been part of Apple’s challenge in India.

“There’s a huge number of people that will move into the middle class. The government has really focused on reform in a major way and made some very bold moves and I applaud them for doing that, and sort of can’t wait for the future there.”

Cook said Apple’s business in India in the fourth quarter was flat. “Obviously, we would like to see a huge growth. Brazil was down somewhat compared to the previous year. And so I think, or at least the way that I saw these, is each one of the emerging markets had a bit of a different story.”

The company said it saw great response to the new MacBook Pro models launched in July, with strong double-digit revenue growth driving an all-time quarterly record for Mac revenue.

“We were especially pleased with Mac momentum in emerging markets with strong growth in Latin America, India, West Asia and Africa, and Central and Eastern Europe,” Apple’s chief financial officer Luca Maestri said.

Apple sold 9.7 million iPads during the quarter, gaining share in nearly every market it tracked. However, on a year-to-year basis, there was a 6% decrease in the number of iPads sold, from 10.3 million in the fourth quarter of 2017.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed

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First Published:2 Nov 2018, 01:35 PM IST
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