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India is very important in long-term, Android dominance means opportunity – Tim Cook; Apple earnings Q2 2019


Apple yesterday posted quarterly revenue of $58 billion for the quarter ended March 31, 2019 (Q2FY19), a decrease of 5% year-on-year. International sales accounted for 61% of the quarter’s revenue. CEO Tim Cook said that sales were weaker in developing countries than in developed ones. Product sales fell to $46.56 billion from $51.29 billion in the same quarter last year but Apple’s services division hit an all-time high of $11.5 billion in revenue, representing 16% year-on-year growth. iPhone and Mac sales declined year-on-year but iPad, wearables/home/accessories, and services all saw gains.

India is very important in long-term, Android dominance means opportunity: Cook

On a call with investors, Cook said India is a very important market in the long term, and its a challenging market in the short-term. “We have started manufacturing there which is very important. We would like to place retail stores there and we’re working with the government to do that. We plan on going in there with sort of all of our might. It’s not something that’s going to be on overnight huge business. But I think the growth potential is phenomenal.” Addressing the fact that Android is dominant in India, Cook said “it doesn’t bother me that it’s primarily Android business at the moment because that just means there’s a lot of opportunity there.”

Apple services now has 390 million active subscriptions

Cook said that the company now has 390 million active subscriptions fueling its services business, which will only grow with recently launched Apple News+, Apple Arcade, Apple TV+, and Apple Card. He added that paid subscriptions went up 40% across each geographic segment over the past year, and that the company expects the numbers to continue to go up over the next year. iPad revenue grew everywhere, including China, driven primarily by strong customer response to IPad Pro, Cook said. The tablet had its best quarter ever in Japan. Wearables grew almost 50% year-on-year, with the Apple Watch having its best results ever in a non-holiday quarter, and demand for AirPods continuing to outpace supply.

Download: Earnings release | Investor call transcript

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