Apple announces Q1 results, plans to invest on India, comments on demonetisation

Apple is 'in discussions' to invest in India and open retail stores in the country.

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    • Apple Inc., announced the results of first quarter 2017.
    • The company plans to invest ‘significantly’ in India.
    • Apple’s Mac and iPad sales recorded double-digit growth in India.

Apple on Tuesday announced its financial results for its fiscal first quarter of 2017. “We’re thrilled to report that our holiday quarter results generated Apple’s highest quarterly revenue ever, broke multiple records along the way. We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac, and Apple Watch,” claimed Apple’s CEO Tim Cook.

Apple reported that it sold 78.3 million units of iPhone in the fourth quarter and earned $78.4 billion revenue. With the past quarters showing an incredible growth surge, the sales fueled by iPhone 7 and iPhone 7 Plus result a highest-quarter revenue and per-earnings share for Apple. The company reported a profit of $17.8 billion, claiming its earnings per share increased due to the high demand for the ‘larger models’ of the iPhone.

Tim Cook also said that the company was in discussion on a number of matter with India, including retail stores which was reported on Monday.  “We fully intend to invest significantly in the country and believe it’s a great place to be,” Apple’s CEO stated in the Q1 2017 earnings call.

“Despite the demonetisation move in India that created lots of economic pressure there last quarter, despite that, we had all time-record revenue results, and so we were very happy about that,” he said

As Apple is planning to start production of iPhone units in India, emphasizing on demonetisation Tim Cook stated, “The demonetisation impact has not worked its way through yet. It’s still definitely having some overhang.” Supporting this move, he said in the longer term, it’s a great move and he feels really good about how Apple is doing in India.

Apple’s CFO Luca Maestri, who joined Tim Cook on the earnings call, claimed that the company could establish ‘new’ all-time records in the most developed and emerging markets with strong growth rate in US, Japan, Canada, France, Australia, Brazil, India, and Turkey. Lucas further added about revenue records for Apple services in India. He said that Apple’s Macs and iPads recorded ‘double’ digit growth in the country.

“Turning to iPad, we sold 13.1 million units (worldwide) which was ahead of our expectations,” Lucas stated on iPad sales. “And we posted double-digit growth in both Mainland China and India, as we’ve expanded distribution channels in those countries and we continue to attract a very high percentage of first-time tablet buyers.”

Apple’s global smartphone shipments hit 1.5 billion units in 2016 as per Strategy Analytics report. Apple Inc., however, didn’t shared any details on the number of iPhones the company shipped in India. But as per Counterpoint Research, it claimed that Apple shipped 2.5 million units of iPhones in India and was able to capture 10th position in the smartphone rankings in India during fourth quarter 2016. The report also stated that a third of Apple’s total shipping in India came in the Q4, 2016 following the launch of iPhone 7.