Bengaluru: For tech giant Apple, India is the last bastion of growth, even as its revenues fell for the first time in 13 years in the quarter ended March.
Globally, its flagship iPhone’s sales fell by 16 per cent during the quarter; but in India, its sales grew by 56 per cent.
On Wednesday, Apple reported a 13 per cent drop in revenues at $50.6 billion, while profits slid by 22 per cent to $10.5 billion for the March quarter.
Growth of iPhone sales in the US and China (the company’s two largest markets) has turned negative, after hitting saturation point. About $50 billion of Apple’s stock value was also wiped away.
Tim Cook, chief executive officer, Apple, brushed away worries that demand for smartphones globally had hit a peak by saying that penetration still stood at only 42 per cent.
He said there was still room for…
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