Updated May 3rd, 2024 at 17:08 IST

Why Apple’s Cook bullish on India?

During the investor call, CEO Tim Cook revealed that Apple achieved record revenues in India, Canada, Latin America, Spain, the Middle East, and Turkey.

Reported by: Business Desk
Tim Cook | Image:AP
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Apple's record revenues: Apple just dropped some big news alongside its quarterly earnings report, and it's got everyone talking. During the call with investors, CEO Tim Cook spilled the beans: Apple's been raking in record revenues in several countries, with India leading the pack. Other regions where Apple set revenue records include Canada, Latin America, Spain, the Middle East and Turkey.

The Apple CEO reiterated his claim about India being “an incredibly exciting market and it’s a major focus for us.”

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Cook couldn't hide his excitement, especially about India's booming market, where they hit double-digit growth and set new revenue records. He's doubling down on India, mentioning plans to beef up their presence and operations there.

But wait, there's more. Apple's not just basking in its success – it's making power moves.

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They've greenlit a whopping $110 billion for share buybacks. Yep, you heard that right. Plus, they're sweetening the deal with a dividend increase. This move is all about showing confidence in their future and giving back to shareholders.

Why the sudden generosity?

Well, iPhone sales took a bit of a dip this quarter, thanks to global shifts and supply chain hurdles. But Apple's not sweating it. They're using this as a chance to snatch up some of their shares, boosting their value and rewarding investors. Smart move, right?

And here's the kicker – Apple's timing is spot-on. They're not just throwing money around; they're doubling down on innovation, especially in AI. Tim Cook's been hyping up their AI game, and they're seeing some serious growth in India. It's all part of their grand plan to stay ahead of the curve.

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But let's not forget the fine print. This buyback isn't just about giving back – it's also a savvy move to counter any dilution from employee stock plans. Plus, it's a tax-efficient way to dish out some cash to shareholders.

So, what's the bottom line?

Apple's not just a tech giant; it's a master of strategy. With this bold move, they're telling the world they're here to stay – and they're not afraid to put their money where their mouth is.

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Published May 3rd, 2024 at 17:08 IST