Apple Inc CEO Tim Cook lauded the demonetisation drive taken by Centre as a “great move” in the longer term.
“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 in the Q1 2017 earnings call with analysts and journalists.
However, he added that impact of demonetisation has not worked its way through yet, suggesting things could get bad after a while. “It’s still definitely having some overhang,” he added.
He described India as a great market and said that the company will make significant investments in the country in the next years.
Commenting on Apple’s sale progress in India, Apple Chief Financial Officer Luca Maestri said the company established new all-time revenue records in most developed and emerging markets, with strong growth rates in many countries, including the US, Japan, Canada, France, Australia, Brazil, India, Turkey, and Russia, The Hindu reported.
“We were very happy to report double-digit unit growth in several countries, including Japan, Mainland China, India, the Netherlands, and Sweden, as well as in the US education market,” Maestri told media.
Apple posted quarterly revenue of US dollar 78.4 billion compared to revenue of $75.9 billion in the last year quarter.
