May 2: Apple Inc CEO Tim Cook has said that the Cupertino company would step further into the Indian market to utilize the market potential of the world’s third largest smartphone market. Admitting the extremely low market share of Apple smartphones in the market, he said that Apple will put a lot of energy in India with an aim to launch all its initiatives in the country including retail outlets, a report said.
Cook, according to the news report, also acknowledged the immense potential of the market for Apple while speaking at the second quarter 2018 earnings call. The company is currently working with carriers in the market to explore more in the LTE network domain.
Apple became more active in the market recently, and according to Tim Cook, the market infrastructure has come quite a ways since the company began to put a lot of energy in the market. Apple also managed to set a new first-half record in India according to Cook, who although didn’t gave away additional details.
When asked about whether the market was saturated, Cook replied that there are still plenty of opportunities in the market, specifically for Apple. “I don’t buy the view that market’s saturated. I don’t see that from a market point of view or – and certainly not from an iPhone point of view,” he said.
He also added that over half a billion feature phones were sold in the world last year, with many of them being sold in the emerging markets. Cook also opined that many people in India will be moving into the middle class over time in the country, opening up tremendous consumer opportunity to the global companies.
Tim also acknowledged that iPhone’s share in the global market was low compared to the full market of smartphones. According to him, the company has also been focusing on convincing people to buy iPhone when making the switch from another smartphone.
Apple registered a 16 per cent growth in its revenue posting quarterly revenue of USD 61.1 billion for its fiscal 2018 second quarter. International sales accounted for around 65% of that revenue. The net income also saw a jump from USD 11 billion in the previous year to USD 13.8 billion this year. Cook also credited the quarter as Apple’s best ever March quarter ever, contributed by the revenue growth in hardware including iPhone, service, wearables, and geographic expansion across the eastern markets like China and Japan.