Apple CEO Tim Cook has said the tech giant is “looking forward” to setting up retail stores in India to tap into the booming smartphone market here.
“India is now one of our fastest-growing markets. In the first three quarters of this fiscal year, our iPhone sales in India were up 51% year-on-year,” Apple CEO Tim Cook said on an investor call.
He added the company has announced setting up of a design and development accelerator to support Indian developers creating innovative applications for iOS and opened a new office in Hyderabad to accelerate maps development.
“We’re looking forward to opening retail stores in India down the road, and we see huge potential for that vibrant country,” he said without disclosing further details.
Recently, the government issued new norms allowing single-brand retail trading and exemption from local sourcing for ‘state-of-the-art’ and “cutting-edge” technology with a waiver for three years, and the option to extend it for five years.
Sources had said Apple may have to submit a fresh application for the same.
iPhone sales, profit drop
San Francisco: With iPhone sales and profits sliding, Apple has sought to highlight its growth in services as it seeks to reduce dependence on its main cash driver.
In its quarterly update, Apple said profits slumped 27% from a year ago to $7.8 billion on a sharp drop in iPhone sales.
Apple sold 40.4 million iPhones in the quarter ending June 25, down 15% from a year earlier, highlighting concerns over growth for the company’s iconic smartphone.
It was the second straight quarter of slumping iPhone sales for the company, which until then had seen uninterrupted growth.
Overall revenue was down 15% from a year ago at $42.4 billion for Apple, which is the world’s most valuable company.
Chief executive Tim Cook said the results showed “stronger customer demand and business performance than we anticipated at the start of the quarter.” Investors appeared to be reassured by the results, which were generally better than expected.
Apple shares rose 6.1% in after-hours trade to $102.61.
The results underscored the challenges for Apple, which has built a huge business around the iPhone but is unlikely to see continued growth, due to a saturated smartphone market and increased competition.
The company said its iPad unit sales meanwhile fell nine percent from a year ago, but revenues rose due to the launch of higher-priced tablets. Mac sales were down 11%.
Apple said its services revenue rose 19% year-over-year. “The growth was broad-based with App Store revenue up 37% to an all-time high,” Cook said in a conference call.
Cook said the company has seen success with its lower-priced iPhone SE launched earlier this year, aiming to win over more cost-conscious customers.
“Our sales data tells us that the iPhone SE is popular in both emerging and developed markets.” Apple’s report showed a sharp drop in revenue from China, which reverses gains since it began selling its iPhones there. Revenue from “Greater China” slumped 33% from a year ago to $8.8 billion.
“India is now one of our fastest-growing markets. In the first three quarters of this fiscal year, our iPhone sales in India were up 51% year-on-year,” Apple CEO Tim Cook said on an investor call.
He added the company has announced setting up of a design and development accelerator to support Indian developers creating innovative applications for iOS and opened a new office in Hyderabad to accelerate maps development.
“We’re looking forward to opening retail stores in India down the road, and we see huge potential for that vibrant country,” he said without disclosing further details.
Recently, the government issued new norms allowing single-brand retail trading and exemption from local sourcing for ‘state-of-the-art’ and “cutting-edge” technology with a waiver for three years, and the option to extend it for five years.
Sources had said Apple may have to submit a fresh application for the same.
iPhone sales, profit drop
San Francisco: With iPhone sales and profits sliding, Apple has sought to highlight its growth in services as it seeks to reduce dependence on its main cash driver.
In its quarterly update, Apple said profits slumped 27% from a year ago to $7.8 billion on a sharp drop in iPhone sales.
Apple sold 40.4 million iPhones in the quarter ending June 25, down 15% from a year earlier, highlighting concerns over growth for the company’s iconic smartphone.
It was the second straight quarter of slumping iPhone sales for the company, which until then had seen uninterrupted growth.
Overall revenue was down 15% from a year ago at $42.4 billion for Apple, which is the world’s most valuable company.
Chief executive Tim Cook said the results showed “stronger customer demand and business performance than we anticipated at the start of the quarter.” Investors appeared to be reassured by the results, which were generally better than expected.
Apple shares rose 6.1% in after-hours trade to $102.61.
The results underscored the challenges for Apple, which has built a huge business around the iPhone but is unlikely to see continued growth, due to a saturated smartphone market and increased competition.
The company said its iPad unit sales meanwhile fell nine percent from a year ago, but revenues rose due to the launch of higher-priced tablets. Mac sales were down 11%.
Apple said its services revenue rose 19% year-over-year. “The growth was broad-based with App Store revenue up 37% to an all-time high,” Cook said in a conference call.
Cook said the company has seen success with its lower-priced iPhone SE launched earlier this year, aiming to win over more cost-conscious customers.
“Our sales data tells us that the iPhone SE is popular in both emerging and developed markets.” Apple’s report showed a sharp drop in revenue from China, which reverses gains since it began selling its iPhones there. Revenue from “Greater China” slumped 33% from a year ago to $8.8 billion.
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