Apple eyes India for future growth

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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.

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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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