Perhaps the most eye-catching part of Apple’s fiscal Q2 earnings announcement next month will be the company’s meteoric growth in India. Bloomberg reports that the income of the significant country has climbed by around 50% in the last year.
In the fiscal year that ended in March, Apple Inc. set a new record for sales in India, totaling over $6 billion. From the previous year’s $4.1 billion, revenue increased by almost 50% this year. A person with direct knowledge who wished to remain nameless verified the details. Tim Cook, Apple’s CEO, has announced plans to open the company’s first retail locations in India, which has led to a surge in sales.
Apple has a lot of room to grow in this market. While low-priced smartphones have traditionally dominated the market, this is beginning to change. A few years ago, the company’s market share in the world’s second-most populated country was just 1%.
As part of its expansion plan, Apple is rolling out retail locations around the country. The magnificent new Apple BLK shop, set to debut in Mumbai tomorrow and Delhi two days later, was leaked in photos today.