Apple CEO Tim Cook says demonetisation move still an overhang, but a 'great move'
Cook said that the demonetisation move is still an overhang and could get bad after a while.
Apple's CEO Tim Cook has said that the decision to demonetise high-value currency in India created a huge economic pressure in the last quarter. Apple's India sales reported a double-digit growth in the given period.
Apple released its first quarter results and posted a quarterly revenue of $78.4 billion and a profit of $18 billion.
Cook further added that though he was happy about it, the demonetisation move is still having an overhang and could get bad after a while. Cook, however, praised the move and said it is a 'great move'.
He also added that he was impressed by the way the company was doing in India.
In his first quarterly earnings call with analysts and journalists, Cook said that Apple was in discussion about many things in India, including retail stores as well, according to an Indian Express report.
He went on to say that the company fully intended to invest significantly in India.
Apart from Cook, Apple's CFO Luca Maestri said that even Apple Macs and iPads have been doing well in the country where both of them recorded a double-digit growth.
He further said that when it came to iPad sales, the company has expanded its distribution channels in India and China as they attract a lot of first-time tablet buyers. He further added that the channel inventory was reduced by around 7 lakh units compared to the increase in 9 lakh units in 2016.
Cook and Maestri however did not reveal any specific numbers of the sales of iPhones in India.
Research company Counterpoint Research ranked Apple number 10 in the smartphone list in India during the fourth quarter. This was when it sold nearly a third of its units due to the launch of the latest iPhone 7.
Apple iPhone still has a lead in the premium smartphone segment with 62% market share and 2.5 million units sold, said the report.