Apple crossed the $1-billion sales mark in Indian operations for the first time, according to results filed with the Registrar of Companies (RoC) on Wednesday. The company posted a 44% increase in sales and have doubled their profits overall. This marks success at yet another emerging market for Apple. The Indian market provides impressive sales, growth and revenue for the tech giant. The sales value of over $1 billion also marks another step in turning Apple into one of the biggest companies in the IT sector in the world today. Getting a better grip on markets like this will help in the quest of becoming the world’s most impressive tech giant.
“With a view to conserving its financial resources, no dividend payout to the company’s shareholders has been recommended by the board of directors for the current year,” said the Apple India annual report.
Apple is still struggling in the Indian market overall. They hold around 9% of the phone market and the company is surpassed by Samsung in most relevant key areas as far as mobile share is concerned. Furthermore, the lag between North American and Indian launches, comparatively large in some cases, doesn’t help close that gap, giving their competitors an edge over the phone maker overall.
Source: Indian Times