Apple CEO loves India but won’t invest there

Tim Cook

NEW YORK: Technology giant Apple has said the multi-layered distribution network in India works against the company’s interests and it sees higher potential elsewhere in the “intermediate term”.
“I love India, but I believe Apple has some higher potential in the intermediate term in some other countries,” Apple CEO Tim Cook has said in an earnings conference call with analysts.
He was responding to queries why Apple is not more successful in India and what was his outlook for the company’s growth in the country.
Cook said this does not mean Apple is not putting emphasis in India.
“We have a business there and the business is growing but the multi-layered distribution there really adds to the cost of getting products to market,” said Cook, who took over as the CEO of Apple Inc last year after its founder Steve Jobs withdrew himself from running the company on a day-to-day basis due to illness.
The Apple CEO said his company will continue to focus on India “but my own perspective is that in the intermediate term there will be larger opportunities outside of (India)”.
Apple, the world’s largest company by market value, is best-known for hardware products including the Macintosh line of computers, the iPod, the iPhone and the iPad.
Apple reported third-quarter profit that did not meet the expectations of Wall Street. The company said profit rose to USD 8.8 billion from USD 7.3 billion a year ago, and USD 35 billion in revenue.
Apple sold 26 million iPhones, up 28 per cent over the last year, four million Mac computers, a two per cent jump, and 17 million iPads, an increase of 84 per cent. -PTI