With China weakening, Apple turns to India’s smartphone market to revive flagging fortunes
Apple’s revenue in Greater China rose 14 per cent in the last quarter, but company is beginning to see a shift in the economy
As red-hot sales in China show signs of cooling, Apple executives are touting India’s growing appetite for iPhones.
Sales of the company’s flagship smartphone climbed 76 per cent in the country from the year-ago quarter, Apple chief financial officer Luca Maestri said on the call.
READ MORE: China’s LeEco to enter Indian market with flagship Le Max and Le 1s smartphones through online retail partner Flipkart
Apple chief executive Tim Cook suggested more growth is on the horizon, noting the median age in India is just 27.
“I see the demographics there also being incredibly great for a consumer brand, and for people that really want the best product,” Cook said.
“We have been putting increasingly more energy in India.”
Growth in India is a tantalising prospect as Apple grapples with the economic downturn in China, its second largest market. While revenue in Greater China rose 14 per cent in the last quarter, Apple is beginning to see a shift in the economy, particularly in Hong Kong, Maestri said.