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Apple’s recent earnings report revealed a positive surprise amidst global market challenges. Despite a drop in iPhone demand in China, the tech giant experienced a notable “double-digit” surge in revenue from India, signaling a potential easing of the company’s slowdown.
Tim Cook, Apple’s CEO, expressed satisfaction with the “strong double-digit growth” in India’s revenue for the March quarter, marking a “new record” for Apple in the region. Cook attributed this success to the company’s decision to manufacture iPhones in India, emphasizing the need to stay competitive in the market.
“In terms of the operational or supply chain side, we are producing there,” Cook stated. “From a pragmatic point of view, you need to produce there to be competitive.”
Apple’s quarterly performance exceeded expectations, reporting a 4.3% decline in revenue to $90.8 billion for the fiscal second quarter, surpassing analysts’ estimates. The company also approved a record-breaking $110 billion share repurchase, indicating confidence in its financial strength.
Cook highlighted India as an “incredibly exciting market” and a major focus for Apple. The company is expanding its presence with new stores and initiatives, aiming to capitalize on the region’s growth potential. Cook mentioned efforts to expand channels, develop the developer ecosystem, and expressed enthusiasm for India’s progress.
Following the earnings report, Apple’s stocks surged by 7%, adding nearly $200 billion to its market capitalization, making it the second most valuable company after Microsoft. This surge reflects investor confidence in Apple’s ambitious stock buyback plan and optimistic sales outlook.
Looking ahead, Cook teased “some very exciting things” in Apple’s pipeline, fueling anticipation for upcoming product updates and events. Analysts speculate that AI integrations and new hardware releases, starting with an iPad event scheduled for May 7, will drive demand and further strengthen Apple’s position in the market.
Sources By Agencies
