Tremendous boom in India: Apple’s double growth, Tim Cook said – huge opportunity in the middle class

New Delhi: Tim Cook, Chief Executive Officer (CEO) of American tech company Apple, is very excited about India and sees huge potential for the company in the growing middle class here. Speaking to the media on Thursday after announcing the results for the second quarter ended March 28 in Cupertino, California, in the US state, Cook said in response to a question that India is a “huge opportunity for us”.

The company is doing well there, but its share of the world’s second-largest smartphone market and third-largest PC (personal computer) market is still “relatively low”.

He said that a large number of people are entering the middle class in India, and most of the customers are new across all categories like iPhone, Mac, iPad and Watch. This has great potential to increase the installed base in the country. “I am very excited about India,” he said. The company has created new records in revenue in March with double digit growth rates recorded in many major markets including India. Mr Cook said, “It has been fantastic to see our continued growth in India over the last few years. It is part of our larger efforts to connect with more customers and emerging markets around the world.”

Apple’s total revenue in the second quarter was $111.2 billion, which shows an increase of 17 percent on an annual basis. This is the company’s best performance in the second quarter of any year. Revenue from iPhone sales also set a new record for the quarter, to which the iPhone 17 lineup contributed significantly. After sales services revenue reached an all-time high. Apple’s board of directors has declared a cash dividend of $0.27 per share, to be paid on May 14, based on shareholdings as of May 11. The board of directors has also approved a new program to buy back the company’s shares worth up to $100 billion.

Apple’s Chief Financial Officer Kevan Parekh told the media that iPhone’s quarterly revenue was $ 57 billion, which is 22 percent more than a year ago. iPhones posted double-digit growth in most markets, including the US, Latin America, China, Western Europe, India, Japan and Southeast Asia. He said that the revenue from Mac sales also increased by six percent to reach $8.4 billion.