Apple's Tim Cook eyes India’s booming market; CFO Kevan Parekh cites Zomato as an example of enterprise demand

Apple CEO Tim Cook has reaffirmed the company’s commitment to the burgeoning Indian market, a key growth area for the tech giant. Speaking to investors following Apple’s quarterly earnings report, Cook highlighted the company’s record-breaking performance in the December quarter and reiterated plans to expand its retail footprint in India, with four new stores slated to open soon.

“The iPhone was the top-selling model in India for the quarter,” Cook noted, underscoring the importance of the country as the world’s second-largest smartphone market, behind only China. “India is the third-largest market for PCs and tablets, and while we have modest market share there, the potential for growth is substantial.”

Though Apple’s presence in India’s PC market remains limited, its iPad offerings are performing strongly. According to a recent report from Cybermedia Research, Apple led the Indian tablet market with a commanding 34% market share. The entry-level iPad 10 Series, in particular, accounted for 60% of the company’s tablet shipments, signaling a robust trajectory for the brand.

In a broader context, Cook also pointed to Apple’s strong performance globally, revealing that during the December quarter, the iPhone was the top-selling model in several major markets, including the United States, urban China, the United Kingdom, France, Australia, and Japan.

The company's CFO Kevan Parekh also highlighted growing enterprise demand in India, citing the example of Zomato, which has deployed thousands of Macs to support innovation within its workforce.

Apple has announced financial results for its fiscal 2025 first quarter ended December 28, 2024. Apple’s quarterly revenue stood at $124.3 billion, up 4 percent year over year.

"Today Apple is reporting our best quarter ever, with revenue of $124.3 billion, up 4 percent from a year ago,” said Cook. “We were thrilled to bring customers our best-ever lineup of products and services during the holiday season.”

The iPhone remains the company’s top earner, generating $69.14 billion in revenue. However, the revenue from iPhone was down 1% compared to the previous quarter.

Mac sales contributed $8.99 billion, while iPad revenue came in at $8.08 billion.

The Wearables, Home, and Accessories segment, which includes products like the Apple Watch and AirPods, brought in $11.75 billion.

Meanwhile, Apple’s Services division, covering subscriptions, app sales, and cloud services, posted an impressive $26.34 billion, underscoring the company’s growing reliance on recurring revenue streams. The revenue from Services was up 4%.