Yesterday the Chief Executive Officer of Apple, Tim Cook reiterated that they are “very bullish and optimistic about India” and that the company will continue to invest in the country. On addressing the company’s third quarter earnings of the year, he affirmed their commitment to the Indian market.
The company had made strong sales across all their product categories in the third quarter. And while speaking with analysts, Cook mentioned that Apple is working on many upcoming projects in India. This includes enhancements of the already established manufacturing unit for iPhone SE and the App Accelerator centre in Bengaluru.
Apple’s CEO mentioned that the company was “really happy” with how things are working out in India. He says, “We’re bringing all of our energies to bear there.”
Reuters reported that Apple is believed to be looking for tax breaks for its manufacturing units in India. So the earning call results were timed quite well. The government officials, however, told the news agency that if they were going to take the step, they will have to draft a new policy that would apply to other companies as well and not just Apple. The tech giant has increased their focus on India while their popularity in China is drastically slowing down in the past months.
On the 1st of August, the company reported that their stocks rose to an all-time high of $159.10 (approx. INR 10,200) which climbed by 6% by the time the U.S markets closed. The rise was a result of the strong performance of the company in the April-June quarter.