Apple Inc.’s sales in India hit a new high of almost $6 billion in the year through March, highlighting the market’s increasing importance for the iPhone maker as Chief Executive Officer Tim Cook arrives in the country to open its first local stores.
Revenue in India grew by nearly 50%, from $4.1 billion a year earlier, according to a person familiar with the matter, who asked not to be named as the information is not public. Apple is scheduled to post quarterly earnings on May 4 and has signaled it expects total global revenue to decline.
Cook is set to inaugurate India’s first Apple stores this week, seeking to accelerate growth in a country of 1.4 billion where the company’s smartphones and computers have never held more than a minuscule market share due to their high cost. With tech demand slowing globally, Apple has identified India’s expanding middle class as an attractive opportunity and it’s also adding local production at an increasing rate.
Apple, which has thus far relied on retail partners and online sales in India, didn’t respond to a request for comment.
The company launched its online store in India in 2020 and its sales drive is set for a boost as it opens its first local store Tuesday in an upscale business district in the financial hub of Mumbai. Two days later, it plans to open an outlet in the capital, New Delhi. Apple’s India sales surged during the pandemic as customers bought iPhones, iPads and MacBooks to work and study from home. And that momentum has continued, helped by financing and trade-in options.
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