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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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Apple has invested in Siri and HomeKit to compete with Google Home and Alexa-based smart home systems. 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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Apple’s Head Of Search and Head of Siri’s Advanced Development quits Amidst Siri Reshuffle

According to a report in The Information on Thursday, Apple has confirmed both the departures

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According to a report in The Information on Thursday, Apple has confirmed both the departures. Pixabay

Apple’s Head of Search Vipul Ved Prakash and Tom Gruber, Head of Siri’s Advanced Development Group, have quit the company which is currently reshuffling its Siri team.

According to a report in The Information on Thursday, Apple has confirmed both the departures.

One of the original Siri co-founders, Gruber “will be pursuing personal interests in photography and ocean conservation”.

Prakash joined Apple in 2013 after Apple acquired the search engine and analytics firm Topsy where he served as a CEO.

“The deal was valued at upwards of $224 million. Apple shut down Topsy two years after its acquisition,” reports 9to5mac.com.

Revealing its future plans, Apple last week formally announced to make ex-Google executive John Giannandrea its Chief of Machine Learning (ML) and Artificial Intelligence (AI) Strategy.

Apple's
Apple has invested in Siri and HomeKit to compete with Google Home and Alexa-based smart home systems. Flickr

Reporting to CEO Tim Cook, Giannandrea who joined Apple in April will be in charge of Apple’s ML division, Siri and the Core ML team.

Giannandrea will look after further development of Core ML and Siri technologies.

According to media reports, Apple lags behind from Google and Amazon in key AI areas like Natural Language Processing (NLP) and computer vision needed to power voice assistant features in Siri.

Apple has invested in Siri and HomeKit to compete with Google Home and Alexa-based smart home systems.

Also Read-Apple Gets a New AI Chief to Oversee Siri, Machine Learning

In 2017, Apple added an AI chip called Neural Engine to the A11 Bionic for the iPhone 8, iPhone 8 Plus and iPhone X to work with the Image Signal Processor (ISP). (IANS)