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Despite concerns about layoffs, Apple CEO Tim Cook has described India as a “hugely interesting market” for the technology business. The Apple CEO stated that India will be a “big emphasis” for the company, which is trying to use the nation as a production option to China as well as a source of development.
“India is a huge exciting market for us and a major focus,” Cook said during the company’s earnings call, adding that “we’re putting a lot of emphasis on the market.”
His comments come at a time when a lot of IT companies across the world are laying off employees to slash costs in the face of adverse macroeconomic conditions. According to the Wall Street Journal, Apple CEO Tim Cook stated in an interview that the corporation is cutting expenses and recruiting in specific fields.
Apple, on the other hand, is recruiting judiciously and adding additional employees where they are needed. For example, the tech company is looking for retail managers for its forthcoming real Apple shops in India.
Bullish on India
I’m very bullish on India,” Cook said, adding, “We are investing there (India) by bringing retail there, bringing the online store there, and putting out a significant amount of energy there.”
The Apple CEO released the financial results for the first quarter of fiscal 2023, which concluded on December 31, 2022.
In India, the IT giant set a quarterly sales record from October to December with a double-digit year-over-year increase. This comes on the heels of otherwise dismal statistics, including manufacturing difficulties in China and deteriorating worldwide consumer demand, which resulted in the company’s first sales loss in over three years.
Apple reported an all-time high in iPhone sales in India during the third quarter. However, the company did not provide particular revenue or unit sales figures. Despite the company’s obstacles, Apple’s revenue increased by double digits year over year, according to Cook.
“We grew by double digits year over year, so we feel very good about how we performed, and… that’s despite the headwinds that we’ve discussed,” Cook was quoted as saying by Nikkei Asia.
Apple has yet to build retail locations in India. However, the corporation appears to be prepared to build retail outlets in the nation, as it began employing retail store employees in January. In addition, Apple intends to hire a variety of additional positions as it prepares to establish its first flagship stores as early as this quarter.
India, like China, is crucial to Apple because it has a large market and a rising industrial hub.
Earlier in January, Union Commerce Minister Piyush Goyal stated that Apple wants India to contribute up to 25% of its production, up from 5% to 7% currently.
According to the Nikkei Asia article, the tech giant also revealed that shipment numbers of the two new models will be lower than projected, and customers will have to wait longer for new items.
Cooks stated in his speech that Apple has increased its efforts to diversify its production base in the face of deteriorating US-China relations and pandemic-related supply chain disruptions, notably in China in 2022.
