Apple is making iPhones in India to be competitive: Tim Cook

Apple CEO Tim Cook says the iPhone maker is making smartphones in India from a pragmatic point of view to become competitive.

“I see it as an incredibly exciting market and it's a major focus for us. In terms of the operational side or supply chain side, we are producing there, from a pragmatic point of view, you need to produce there to be competitive,” Cook says in a post-earnings conference call.

Apple's quarterly revenue in India hit another record as the iPhone maker posted strong double-digit growth in the world's second-largest smartphone market. “We did grow strong double-digit. And so we were very, very pleased about it. It was a new March quarter revenue record for us,” Cook says.

“And so yes, there the two things are linked from that point of view. But we have both operational things going on and we have go-to-market, and initiatives going on. We just opened a couple of stores as last year, as you know, and we see enormous opportunity there. We're continuing to expand our channels, and also working on the developer ecosystem as well,” says Cook.

“We've been very pleased that there is a rapidly-growing base of developers there. And so, we're working all of the entire ecosystem from developer to the market to operations, the whole thing. And I just could not be more excited and enthusiastic about it,” he adds.

Apple announced financial results for its fiscal 2024 second quarter ended March 2024. The company posted quarterly revenue of $90.8 billion, down 4% year over year, and quarterly earnings per diluted share of $1.53.

“During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us,” says Cook.

Apple’s board  authorised a programme to repurchase up to $110 billion of the company’s common stock.

“Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row,” says Luca Maestri, Apple’s CFO.

Apple’s board of directors has declared a cash dividend of $0.25 per share of the company’s common stock, an increase of 4%. The dividend is payable on May 16, 2024 to shareholders of record as of the close of business on May 13, 2024.

“We're working with partners in India and the U.S. to replenish 100% of the water we use in places that need it most with the goal of delivering billions of gallons of water benefits over the next two decades,” says Cook.