Tim Cook
is betting on India for the long term. Apple Inc, hit by slowing worldwide
iPhone sales in its latest quarter, is hoping that the country's younger
population, thirst for top-of-the-line consumer products and economic growth
prospects will help pick up the slack as other markets falter. In its
first-quarter earnings call, CEO Cook said Apple will continue to invest in
India despite global slowdown and currency fluctuations and during hard times
like now, it provides an opportunity to invest in newer markets such as India
where there are long-term prospects.
'Demographic
is Incredibly Great' 27. Apple's financial year runs from October to
September. The call took place early morning on Wednesday, India time. Apple's
India first-quarter revenue surged 38%, albeit on a smaller base, compared with
11% growth in overall emerging markets and 14% in Greater China, the company's
second-largest market after the US. Cook said that at constant-currency rates,
sales rose 48% from the year ago.
India is
quickly becoming the fastest-growing BRIC nation, the third-largest smartphone
market behind China and the US, and the median age of the population is 27
compared to 36-37 in China, Cook pointed out. "The demographic is incredibly
great for a consumer brand and people want best products. The government too is
interested in economic reforms. All speaks for a really good future business
environment."
Post A Comment:
0 comments: