The Indian Government’s undertaking demonetisation is a great move in a longer time period, said Apple CEO Tim Cook. He emphasized the company’s strong intention to “invest significantly” in India.
In first quarter fiscal year 2017 earnings release conference call, Mr. Cook stated that despite the demonetization move, Apple performed quite well in the Indian market.
“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,” Cook said about the company’s performance in India.
Cook said the impact of demonetization is still working its way through and will do India great in the longer term.
“But I think in the longer term, it’s a great move, and I feel really good about how we’re doing there. We are in discussions on a number of things, including retail stores, and fully intend to invest significantly in the country and believe it’s a great place to be,” said Tim.
According to Cook, Apple sold 5.4 million Macs, resulting in its highest-ever quarterly Mac revenue. Although, 2016’s MacBook faced mixed reviews from users and techies. He further stated being “very happy” to report double-digit growth in counties such as – China, Japan and India.In China and India, Apple successfully sold 13.1 million iPads, said Apple’s chief financial officer Luca Maestri.