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Apple Bullish on Indian Market With $61.1bn in Revenue

The iPhone maker reported $13 billion in revenue from Greater China

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Top apps using Siri Shortcuts to make daily tasks easier: Apple. Pixabay
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As Apple posted a healthy revenue of $61.1 billion for its fiscal 2018 second quarter — defying global reports of a weakened demand for its iPhones — the company’s CEO Tim Cook said he will now put great energy into the growing Indian market.

During the company’s earnings call with media late Tuesday, Cook said: “Let me start with India, and then I’ll talk more about China. India, we set a new first-half record. So we continue to put great energy there… Our objective over time is to go in there with all of our different initiatives from retail and everything else.

“And so we’re working toward those things. It’s a huge market and it’s clear that many people will be moving into the middle class over time, as we’ve seen in other countries.”

The quarterly revenue of $61.1 billion was an increase of 16 per cent from the year-ago quarter and international sales accounted for 65 per cent of the quarter’s revenue.

“We’re thrilled to report our best March quarter ever, with strong revenue growth in iPhone, services and wearables,” Cook said in a statement.

“Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter.

Tim Cook
Tim Cook, CEO of Apple

“We also grew revenue in all of our geographic segments, with over 20 per cent growth in Greater China and Japan,” he informed.

Apple also announced $100 billion in additional stock buybacks.

“Given our confidence in Apple’s future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 per cent increase in our quarterly dividend,” said Luca Maestri, Apple’s CFO.

The iPhone maker reported $13 billion in revenue from Greater China.

“China, I continue to believe is a phenomenal country with lots of opportunity from a market point of view, but also lots of opportunity from an app developer’s point of view,” Cook said during the earnings call.

Also Read: Apple May Ditch its Popular ‘3D Touch’ Feature in Upcoming iPhones

“We have almost two million application developers in China that are writing apps for iOS and the App Store, and they’re doing unbelievably creative work and innovative work. So we look at China holistically, not only as a market, he noted.

Apple will complete the execution of the previous $210 billion share repurchase authorisation during the third fiscal quarter.

“Our business performed extremely well during the March quarter, as we grew earnings per share by 30 per cent and generated over $15 billion in operating cash flow,” said Maestri.  (IANS)

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We Disagree with Apple But Android Use Purely on Merit: Facebook

 Reactig to Cook's remarks, Zuckerberg had said his remarks about the social networking giant were "extremely glib"

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Facebook
We disagree with Apple but Android use purely on merit: Facebook. Pixabay

Dismissing a media report that Facebook CEO Mark Zuckerberg ordered his management team to use only Android phones after his tiff with Apple CEO Tim Cook, the social media network on Thursday said the decision to use Android is because it is the most popular operating system in the world.

The New York Times on Wednesday said that “after Tim Cook, Apple’s chief executive, quipped in an interview that his company did not traffic in personal data, Mr. Zuckerberg ordered his management team to use only Android phones”.

In a statement on Thursday, Facebook said Zuckerberg’s disagreement with Cook is only over the business model.

“Tim Cook has consistently criticised our business model and Mark has been equally clear he disagrees. So there’s been no need to employ anyone else to do this for us,” Facebook said.

“And we’ve long encouraged our employees and executives to use Android because it is the most popular operating system in the world,” the social networking giant added.

In a Recode and MSNBC interview in March this year, Cook had called for increased regulation of social media, and questioned the practice of monetising user data on free platforms by selling ads that allow advertisers to target specific groups.

Facebook
Facebook, social media. Pixabay

The Apple CEO was asked how he would handle the crisis Facebook is facing.

“I wouldn’t be in this situation,” he said.

“The truth is, we could make a ton of money if we monetised our customer… If our customer was our product,… We’ve elected not to do that.”

Also Read- Instagram Rolls Out “Your Activity” Feature

 Reactig to Cook’s remarks, Zuckerberg had said his remarks about the social networking giant were “extremely glib”.

Zuckerberg said that Facebook remains free to use because it’s focused on connecting people and many people can’t afford to pay, therefore, “having an advertising-supported model is the only rational model that can support building this service to reach people”. (IANS)