Wait...
  1. Home >
  2. Export Import News >
  3. Import News >
  4. Sales drag: Tim Cook says weak Rupee part of Apple’s challenge in India >
  5. Sales drag: Tim Cook says weak Rupee part of Apple’s challenge in India

Online Export Import Data Search

Complete Training Video : Click Here

Sales drag: Tim Cook says weak Rupee part of Apple’s challenge in India.


Date: 03-11-2018
Subject: Sales drag: Tim Cook says weak Rupee part of Apple’s challenge in India
Apple CEO Tim Cook said despite the challenges, including currency weakness, he was very optimistic about his company’s future growth in the Indian market.

With the rupee touching 74 to a dollar, Cook said the currency weakness has been part of Apple’s challenge in India, “as you can tell from just looking at the currency trends, but I sort of view these as speed bumps along a very long journey though, and the long term is, I think is very, very strong there (India). “There’s a huge number of people that will move into the middle class. The government has really focused on reform in a major way and made some very bold moves and I applaud them for doing that, and sort of can’t wait for the future there,” he said.

Cook said the emerging markets that Apple is seeing pressure in are Turkey, India, Brazil, Russia. “These are markets where currencies have weakened over the recent period. In some cases, that resulted in us raising prices and those markets are not growing the way we would like to see,” he said.

Responding to a question on whether Apple is at a disadvantage in India, Cook voiced optimism that the Indian government will at some point agree to allow the technology giant to bring in its stores as he lauded the country’s bold reforms, saying he is a “big believer” and “very bullish” on India.

“We’ve had really great productive discussions with the Indian government and I fully expect that at some point, they will agree to allow us to bring our stores into the country. We’ve been in discussions with them and the discussions are going quite well,” Cook said during the fourth quarter 2018 earnings call on Thursday.

Cook said that in India there are import duties in some or most of the product categories that Apple is in and in some cases they compound.

“This is an area that we’re giving lots of feedback on. We do manufacture some of the entry iPhones in India and that project has gone well. I am a big believer in India. I am very bullish on the country and the people and our ability to do well there,” he said.

Cook said Apple’s business in India in the fourth quarter was flat.
“Obviously, we would like to see that be a huge growth. Brazil was down somewhat compared to the previous year. And so I think, or at least the way that I see these, is each one of the emerging markets has a bit of a different story, and I don’t see it as some sort of issue that is common between those for the most part,” he said.

The company said it saw great response to the new MacBook Pro models launched in July, with a strong double-digit revenue growth driving an all-time quarterly record for Mac revenue.

“We were especially pleased with the Mac momentum in emerging markets with strong growth in Latin America, in India, West Asia and Africa, and central and eastern Europe,” Apple’s chief financial officer Luca Maestri said.

Apple sold 9.7 million iPads during the quarter, gaining share in nearly every market it tracked. However, on a year-to-year basis, there was a 6% decrease in the number of iPads sold, from 10.3 million in Q4, 2017.

“We generated iPad growth in a number of key regions around the world, including Latin America, Europe, Japan, India and South Asia. Among customers around the world purchasing iPads during the quarter, nearly half were new to iPad, and our active installed base of iPads reached a new all-time high,” Maestri said.

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 08-11-2018
Circular No 43/2018-Customs
Implementation of Paperless Processing under SWIFT-Uploading of Supporting Documents( eSANCHIT) in Exports

Date: 06-11-2018
A.P. (DIR Series) Circular No.11
External Commercial Borrowings (ECB) Policy – Review of Minimum Average Maturity and Hedging Provisions

Date: 05-11-2018
Notification No. 61/2018 – Central Tax
Seeks to exempt supply from PSU to PSU from applicability of provisions relating to TDS.

Date: 05-11-2018
Notification No. 91 /2018-Customs (N.T.)
Notification giving Chief Commissioners powers to assign the cases for adjudication of show cause notices within their respective jurisdiction.

Date: 05-11-2018
Notification No. 43/2015-2020
Amendment in Para 4.32(i) of Chapter 4 and in Para 6.01(a) of Chapter 6 of the Foreign Trade Policy 2015-20

Date: 05-11-2018
Public Notice No. 44/2015-2020
Amendment of Appendix - 2T of Appendices and Aayat Niryat Forms of Foreign Trade Policy, 2015-20

Date: 02-11-2018
TRADE NOTICE NO. 37/2018-19
Online issuance of RCMC by EPCs and its uploading on the DGFT server – reg.

Date: 01-11-2018
Notification No.77/2018-Customs
Seeks to further postpone the implementation of increased customs duty on specified imports originating in USA from 2nd November, 2018 to 17th December, 2018

Date: 01-11-2018
Notification No.90/2018 - Customs (N.T.)
cExchange Rates Notification No.90/2018-Custom(NT) dated 1.11.2018

Date: 31-10-2018
Notification No. 89/2018-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg



Exim Guru Copyright © 1999-2018 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001