Apple Chief Executive Officer (CEO) Tim Cook in a chat with investors and analysts spelled out that he was optimistic on the Modi government’s move to scrap high-value currency for the long term. His comments come as an addition to Apple posting its highest-ever quarterly revenue of $78.4 billion in the quarter ended December.
On Monday, the Economic Survey showed that demonetisation had impacted the gross domestic product (GDP) growth in the financial year (FY) 2016-17, which dropped to 6.5 per cent from 7.6 per cent in previous FY. However, it also suggested that GDP growth would sharply rebound in the upcoming FY and is expected to be in the range of 6.75-7.5
per cent.
While not quantifying Apple’s gains in India, the company has been able to post double digit sales and revenue growth in the country over the past four odd quarters. In October, the company reported that iPhone sales shot upto 50 per cent in the 12 months that ended September.
India is the last large open market in the world. Technology giants from across the world cruising here to mount profits. In countries like USA and China, Apple has witnessed a substantial downhill for iPhone demand. Contrarily, India observed a starry market for iPhone, especially so in the December quarter.
“Despite the demonetisation move in India that created lots of economic pressure, we had all-time record revenue results. Demonetisation has not worked its way through yet. It’s still definitely having some overhang. But I think in the longer term, it’s a great move,” said Cook.
“We are in discussions on a number of things, including retail stores, and fully intend to invest significantly in the country and believe it’s a great place to be,” added Cook.
Apple has captured less than 3 per cent of India’s smartphone market, although the company already has the second highest revenues among smartphone vendors in India.
