Apple's fortunes return in India after short dip
- Author: Arturo Norris May 06, 2017,
May 06, 2017, 22:04
The news, which Cook disclosed in an interview with CNBC's Jim Cramer, indicates that Apple's executive leadership is intent on heading off any potential conflicts between the company and President Trump, who has promised to bring jobs back and pressure corporations to invest more domestically. Apple's main manufacturing partner, Foxconn, has a huge robotic presence - and is spending more and more on robotics for manufacturing. Amidst the financial predictions, JPMorgan says that there is a "high likelihood" that Apple will announce the iPhone 8 at WWDC in June.
When quizzed upon smartwatch competition, Cook added that engineering "is hard" when compared building a smartwatch to building a phone.
"We're very optimistic about our future in this remarkable country with its very large, young and tech savvy population, fast-growing economy and improving 4G network infrastructure", Cook said. Cook said India's young demographic and rising income levels are making the company hopeful about growth in India.
That puts the focus on the next iPhone launch, which is anticipated in mid to late September.
Apple plans to announce the first investment in the fund later this month, Cook said.
The technology behemoth said that it sold 50.76 million iPhones in its fiscal second quarter to 1 April, which was down from 51.19 million during the same period a year earlier.
Apple reported a 4.6 percent rise in revenue to $52.9 billion. And so we're putting a lot of energy in, just like we have in other (geographies) that eventually wound up producing more and more.
"If you're an Apple customer, you have not had that", Milunovich said on " Squawk Box".
Furthermore, Apple continues to lose ground in Chinese markets, as sales declined by 14% to $10.73 billion over the same period a year ago.
In a conference call with analysts, CEO Tim Cook highlighted progress in cloud offerings, services revenue, which has now topped $7 billion for two consecutive quarters, and a 45% increase in transactions for Apple Pay. With sales slowing for Apple in the U.S. and China, investors are looking to see if growth in India can compensate for this.