After revolutionising the telecommunications sector, global tech giant Apple&nbsp;has a new target&nbsp;— the global fintech sector.&nbsp;

Its&nbsp;latest offering, a savings account,&nbsp;has already taken the finance world by storm. Within four days of its launch on April 17, the service&nbsp;accumulated a staggering $1 billion&nbsp;in deposits, as per media reports.

Currently,&nbsp;the account is only available to Apple Card holders in the United States. But they seem to be taking full advantage of the high-return savings account.&nbsp;The Apple savings account will&nbsp;offer an interest rate of 4.15 percent,&nbsp;which is ten times the national average interest rate in the US.&nbsp;

But the blockbuster launch is likely to boost Apple's new venture. As per reports, 240,000 high-yield savings accounts were opened in the first four days of launch. This represents just 0.002 percent of total US iPhone users, indicating future scope for expansion.&nbsp;

The Apple savings account has come at a time when the US&nbsp;is facing a banking crisis, with three major banks -- First Republic Bank, Signature Bank and Silicon Valley Bank -- failing since March this year.

In fact, Apple's latest venture is only adding to the woes of established banking and finance companies. Regional and small banks are now trying to compete by offering higher rates and cash bonuses for new accounts. Yet,&nbsp;it remains to be seen whether these will be enough to keep up with the financial disruption caused by Apple's new service.

Some&nbsp;features of Apple savings account

The Apple savings account offers a number of benefits to customers. The account has no fees or minimum deposit requirements which means users can easily set up and manage their savings account in less than a minute directly from the Apple Card. Additionally, it is FDIC-insured up to $250,000, which means that customers' deposits are protected in the event that Goldman Sachs goes bankrupt.&nbsp;

Another benefit is the convenience factor. Customers can easily transfer money in and out of their savings account using their Apple devices, and they can track their account balances and transactions in real time. The savings account is also integrated with the Apple Wallet app, which allows customers to easily monitor their spending and savings goals.

After revolutionising the telecommunications sector, global tech giant Apple has a new target — the global fintech sector. Its latest offering, a savings account, has already taken the finance world by storm.

After revolutionising the telecommunications sector, global tech giant Apple has a new target — the global fintech sector. Its latest offering, a savings account, has already taken the finance world by storm. Within four days of its launch on April 17, the service accumulated a staggering $1 billion in deposits, as per media reports. Currently, the account is only available to Apple Card holders in the United States. But they seem to be taking full advantage of the high-return savings account. The Apple savings account will offer an interest rate of 4.15 percent, which is ten times the national average interest rate in the US. But the blockbuster launch is likely to boost Apple's new venture. As per reports, 240,000 high-yield savings accounts were opened in the first four days of launch. This represents just 0.002 percent of total US iPhone users, indicating future scope for expansion. The Apple savings account has come at a time when the US is facing a banking crisis, with three major banks -- First Republic Bank, Signature Bank and Silicon Valley Bank -- failing since March this year. In fact, Apple's latest venture is only adding to the woes of established banking and finance companies. Regional and small banks are now trying to compete by offering higher rates and cash bonuses for new accounts. Yet, it remains to be seen whether these will be enough to keep up with the financial disruption caused by Apple's new service. Some features of Apple savings account The Apple savings account offers a number of benefits to customers. The account has no fees or minimum deposit requirements which means users can easily set up and manage their savings account in less than a minute directly from the Apple Card. Additionally, it is FDIC-insured up to $250,000, which means that customers' deposits are protected in the event that Goldman Sachs goes bankrupt. Another benefit is the convenience factor. Customers can easily transfer money in and out of their savings account using their Apple devices, and they can track their account balances and transactions in real time. The savings account is also integrated with the Apple Wallet app, which allows customers to easily monitor their spending and savings goals.

Apple's latest innovation, a high-yield savings account, may disrupt fintech

Apple's highly anticipated quarterly earnings report is set to release on Thursday.&nbsp;

While the company is expected to see a decline in revenue, it will still look to remind investors of its massive market power, as per a CNBC report.&nbsp;

The company is set to reveal how much its board has authorized it to spend on share buybacks.&nbsp;Analysts predict that the share buyback plan will be worth $90 billion. This move will&nbsp;highlight the tech giant's massive&nbsp;cash reserves.&nbsp;

This would also reaffirm Apple's position as the 'buyback king', having spent over $572 billion on share repurchases since 2012, more than any other company.&nbsp;

In comparison, Apple's main competitor in the buyback realm, Alphabet, has spent $178.5 billion on share repurchases over the past decade.

However, some analysts have been questioning Apple's buyback strategy. They suggest&nbsp;that the company will work towards becoming net cash neutral in the future.&nbsp;

Cash neutrality is a situation when a company's cash pile will equal its debt, allowing the board to slow down the pace of its capital return.

What to expect from quarterly results

Meanwhile,&nbsp;investors are bracing for a weak quarter, even as official guidance remains&nbsp;unknown.

As per reports, Apple has not provided official guidance since the Covid outbreak began. But management has constantly provided investors with data points about particular product lines and the company's total sales.&nbsp;

According to some estimates, sales will fall again this year in the June quarter.

Apple's sales are expected to fall 4.4 percent year-on-year, while analysts expect Apple's revenue in the third quarter to rise about 2 percent to $84.7 billion.

Notably, Apple continues to sell many products at good margins despite the expected decline.&nbsp;

The earnings report will take into account Apple's continued strength in the market, despite challenges such as decreasing Mac and iPad sales. The company's massive cash reserves and buyback program serve as a reminder of its position as a market leader and its ability to weather economic storms.

Apple's&nbsp;diversifying revenue streams

But there's more to Apple's financial story than share buybacks and dividends.&nbsp;

The tech giant is also expanding its financial services offerings, including its Apple Card and the recently announced Apple Savings account. The new account, launched in partnership with Goldman Sachs, promises a 4.15 percent annual return and no fees.

Apple is following the lead of other tech companies, such as Amazon and Google, which have also ventured into the financial services industry. Apple's move into banking comes as the tech giant seeks to diversify its revenue streams and reduce its reliance on iPhone sales.

Apple's highly anticipated quarterly earnings report is set to release on Thursday. While the company is expected to see a decline in revenue, it will still look to remind investors of its massive market power, as per a CNBC report.

Apple's highly anticipated quarterly earnings report is set to release on Thursday. While the company is expected to see a decline in revenue, it will still look to remind investors of its massive market power, as per a CNBC report. The company is set to reveal how much its board has authorized it to spend on share buybacks. Analysts predict that the share buyback plan will be worth $90 billion. This move will highlight the tech giant's massive cash reserves. This would also reaffirm Apple's position as the 'buyback king', having spent over $572 billion on share repurchases since 2012, more than any other company. In comparison, Apple's main competitor in the buyback realm, Alphabet, has spent $178.5 billion on share repurchases over the past decade. However, some analysts have been questioning Apple's buyback strategy. They suggest that the company will work towards becoming net cash neutral in the future. Cash neutrality is a situation when a company's cash pile will equal its debt, allowing the board to slow down the pace of its capital return. What to expect from quarterly results Meanwhile, investors are bracing for a weak quarter, even as official guidance remains unknown. As per reports, Apple has not provided official guidance since the Covid outbreak began. But management has constantly provided investors with data points about particular product lines and the company's total sales. According to some estimates, sales will fall again this year in the June quarter. Apple's sales are expected to fall 4.4 percent year-on-year, while analysts expect Apple's revenue in the third quarter to rise about 2 percent to $84.7 billion. Notably, Apple continues to sell many products at good margins despite the expected decline. The earnings report will take into account Apple's continued strength in the market, despite challenges such as decreasing Mac and iPad sales. The company's massive cash reserves and buyback program serve as a reminder of its position as a market leader and its ability to weather economic storms. Apple's diversifying revenue streams But there's more to Apple's financial story than share buybacks and dividends. The tech giant is also expanding its financial services offerings, including its Apple Card and the recently announced Apple Savings account. The new account, launched in partnership with Goldman Sachs, promises a 4.15 percent annual return and no fees. Apple is following the lead of other tech companies, such as Amazon and Google, which have also ventured into the financial services industry. Apple's move into banking comes as the tech giant seeks to diversify its revenue streams and reduce its reliance on iPhone sales.

Apple: 'Buyback King' looks to gain investor confidence with $90 billion plan

Apple Inc on Thursday announced its quarterly earnings, beating Wall Street's below-par&nbsp;expectations. The better-than-expected results were largely driven by better iPhone sales, as per media reports.

The American tech giant reported revenue of $94.8 billion, way higher than the expected $92.96 billion. The company also reported earnings of $1.52 per share, compared to the expected $1.43 per share. According to media reports, company's year-over-year business performance improved compared to the December quarter.&nbsp;

The better-than-expected numbers boosted Apple's shares by 2 percent in the US stock market.&nbsp;

The driving force behind Apple's quarterly performance was its iPhone sales, which amounted to a whopping $51.3 billion. This sales figure was much higher than analysts' expectation of $48.84 billion.&nbsp;

A major reason for Apple's improved performance in the reported quarter. was China. Apple's sales in China were better than expected as consumers there resorted to "revenge spending" after Covid restrictions were lifted late in 2022.&nbsp;

As per Apple's media release, the company's board of directors also approved a $90 billion share buyback program, one of the largest in corporate history. Apple’s board of directors also declared a cash dividend of $0.24 per share, an increase of 4 percent,.&nbsp;

However, all was not well for Apple in the quarter gone by.&nbsp;

Overall sales were down 2.5 percent. This was the second straight quarter of decline in sales, a first for Apple since the Covid-19 pandemic. &nbsp;

Total revenue, too, was down 3 percent compared to the previous quarter, as Apple's iPad and Mac divisions posted revenue losses.

What the future holds for Apple

Apple has exciting plans for the future. The company recently entered the banking sector by launching a savings account. As per reports,&nbsp;users of its 'Apple Card' can earn 4.15 percent&nbsp;on savings accounts, or 10 times higher than the national average.&nbsp;

Its most anticipated announcement is the launch of a new virtual and augmented reality headset. This new product is expected to revolutionize the way we interact with technology.

Overall, Apple's latest earnings beating expectations is a reason to celebrate for the company's investors and fans alike. As always, Apple remains a company to watch in the technology industry, and it will be exciting to see what new innovations and developments it has in store in the coming years.

Apple Inc on Thursday announced its quarterly earnings, beating Wall Street's below-par expectations. The better-than-expected results were largely driven by better iPhone sales, as per media reports.

Apple Inc on Thursday announced its quarterly earnings, beating Wall Street's below-par expectations. The better-than-expected results were largely driven by better iPhone sales, as per media reports. The American tech giant reported revenue of $94.8 billion, way higher than the expected $92.96 billion. The company also reported earnings of $1.52 per share, compared to the expected $1.43 per share. According to media reports, company's year-over-year business performance improved compared to the December quarter. The better-than-expected numbers boosted Apple's shares by 2 percent in the US stock market. The driving force behind Apple's quarterly performance was its iPhone sales, which amounted to a whopping $51.3 billion. This sales figure was much higher than analysts' expectation of $48.84 billion. A major reason for Apple's improved performance in the reported quarter. was China. Apple's sales in China were better than expected as consumers there resorted to "revenge spending" after Covid restrictions were lifted late in 2022. As per Apple's media release, the company's board of directors also approved a $90 billion share buyback program, one of the largest in corporate history. Apple’s board of directors also declared a cash dividend of $0.24 per share, an increase of 4 percent,. However, all was not well for Apple in the quarter gone by. Overall sales were down 2.5 percent. This was the second straight quarter of decline in sales, a first for Apple since the Covid-19 pandemic. Total revenue, too, was down 3 percent compared to the previous quarter, as Apple's iPad and Mac divisions posted revenue losses. What the future holds for Apple Apple has exciting plans for the future. The company recently entered the banking sector by launching a savings account. As per reports, users of its 'Apple Card' can earn 4.15 percent on savings accounts, or 10 times higher than the national average. Its most anticipated announcement is the launch of a new virtual and augmented reality headset. This new product is expected to revolutionize the way we interact with technology. Overall, Apple's latest earnings beating expectations is a reason to celebrate for the company's investors and fans alike. As always, Apple remains a company to watch in the technology industry, and it will be exciting to see what new innovations and developments it has in store in the coming years.

Apple quarterly results beat expectations, thanks to boost in China sales

South Asia and Latin America are the new trump cards for tech giant Apple, as it looks to boost its growth amid an economic slowdown in China and the United States.&nbsp;

Apple CEO Tim Cook is hoping that these markets will provide more opportunities due to their youthful population and relatively low iPhone penetration.&nbsp;

Apple, which recorded sales of over $51 billion in its most recent quarter, saw record sales in South Asia and Latin America. On the other hand, sales fell in the Americas, Japan and China, contributing to an overall decline of about 3 percent.&nbsp;

"We're putting efforts in a number of these markets and really see, particularly given our low share and the dynamics of the demographics, a great opportunity for us in those markets," Cook said in his latest conference call.&nbsp;

India is particularly the focus of Apple. Cook said that India is at a tipping point and expected the market to grow.

“There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there,” Cook said on the conference call.

The company recently opened its first two retail stores in India -- in Mumbai and Delhi.&nbsp;

According to the research firm Counterpoint, Apple was the second biggest revenue generating brand in India in 2022, second only to South Korea's Samsung.

The boom in used iPhone market is helping the US tech giant to enter more emerging economies like India. Sales of refurbished iPhones rose 16 percent globally in 2022. India, in particular, led the growth in iPhone reselling with a 19 percent jump in sales.&nbsp;

'Mass layoffs a last resort'

Meanwhile, Apple employees can breathe a sigh of relief. Cook has assured that layoffs will be the last resort for the company.

“I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment," he told CNBC in an interview.&nbsp;

Cook added that the company is actually focusing on cutting costs and slowing down the pace of hiring.

While Apple did let go of some employees in April this year, it has avoided announcing any major layoffs.&nbsp;This is because the most-valuable company in the world avoided aggressive hiring during the Covid-19 pandemic.

(With&nbsp;agency inputs)&nbsp; 
&nbsp;

South Asia and Latin America are the new trump cards for tech giant Apple, as it looks to boost its growth amid an economic slowdown in China and the United States.

South Asia and Latin America are the new trump cards for tech giant Apple, as it looks to boost its growth amid an economic slowdown in China and the United States. Apple CEO Tim Cook is hoping that these markets will provide more opportunities due to their youthful population and relatively low iPhone penetration. Apple, which recorded sales of over $51 billion in its most recent quarter, saw record sales in South Asia and Latin America. On the other hand, sales fell in the Americas, Japan and China, contributing to an overall decline of about 3 percent. "We're putting efforts in a number of these markets and really see, particularly given our low share and the dynamics of the demographics, a great opportunity for us in those markets," Cook said in his latest conference call. India is particularly the focus of Apple. Cook said that India is at a tipping point and expected the market to grow. “There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there,” Cook said on the conference call. The company recently opened its first two retail stores in India -- in Mumbai and Delhi. According to the research firm Counterpoint, Apple was the second biggest revenue generating brand in India in 2022, second only to South Korea's Samsung. The boom in used iPhone market is helping the US tech giant to enter more emerging economies like India. Sales of refurbished iPhones rose 16 percent globally in 2022. India, in particular, led the growth in iPhone reselling with a 19 percent jump in sales. 'Mass layoffs a last resort' Meanwhile, Apple employees can breathe a sigh of relief. Cook has assured that layoffs will be the last resort for the company. “I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment," he told CNBC in an interview. Cook added that the company is actually focusing on cutting costs and slowing down the pace of hiring. While Apple did let go of some employees in April this year, it has avoided announcing any major layoffs. This is because the most-valuable company in the world avoided aggressive hiring during the Covid-19 pandemic. (With agency inputs)

Apple CEO Tim Cook bets on India, other emerging markets for higher sales

In an exciting tale of technology, innovation, and a country on the rise, Cisco is ready to take its alliance with India to the next level. Cisco aims to capitalise on the growing Indian demand. The renowned tech giant has set an investment target of 1 billion dollars in domestic production and exports over the next few years.

After Apple, Foxconn, Cisco bets big on India

Iphone sales for quarter one have put Apple in a sweet spot despite concerns from analysts. This was held in parts by Apple's efforts to find new markets for future growth. Among those top bets, is India. For more, watch the video.

Apple in a sweet spot to cash-in India's growth?

It seems South Asia and Latin America are the new Trump cards for tech giant Apple, while China and the West continue to slow down. Apple CEO Tim Cook is betting that these markets will provide more opportunities due to their youthful populations and relatively few iPhones.

Apple expansion: Sour taste for competition?

Apple's recent iPhone sales figures show that the company is doing well, with sales buoyed in part by the company's efforts to find new markets for future growth.

One of the top markets that Apple is targeting is India, which has the world's fastest-growing major economy. However, a recent report from the International Data Corporation shows that 31 million smartphones were shipped in India in the first quarter of 2023, which is a 16% decrease from the previous year and the lowest first-quarter shipments in four years.&nbsp;

The report attributes the sluggish demand to rising living costs and a weak global economic outlook. But while budget smartphone makers such as Realme and Xiaomi are struggling to sell their phones, Apple is growing its share of the market. This trend reveals some interesting insights into the state of the Indian economy.

For example, the disappointing sales in the budget category suggest that India's poor may be putting off their smartphone purchases due to eroding household savings, while the rise in iPhone sales volumes suggests a growing middle class with a higher disposable income.

Consumer trends from India point towards a visible demand for high-end automobiles, mobile phones, and other luxury items, while demand for mass consumption items such as budget motorcycles shows that rural households are feeling the squeeze.

The Indian economy grew at 4.1 percent&nbsp;in the last quarter of 2022-2023, indicating that a large portion of the country's citizens are facing economic difficulties due to what economists call a K-shaped recovery.

For now, it seems that Apple is not too worried, as their target is the growing Indian middle class and the rising affluent who seem to have no issues taking a bite of Apple's ambitious plan.

While budget smartphone makers struggle to sell their phones in a tough economic climate, Apple's "premiumisation" strategy appears to be working. The wealth disparity highlighted by the smartphone sales figures, nevertheless, is a cause for concern. Now, it remains to be seen how the Indian economy will evolve in the coming years.

Apple's recent iPhone sales figures show that the company is doing well, with sales buoyed in part by the company's efforts to find new markets for future growth.

Apple's recent iPhone sales figures show that the company is doing well, with sales buoyed in part by the company's efforts to find new markets for future growth. One of the top markets that Apple is targeting is India, which has the world's fastest-growing major economy. However, a recent report from the International Data Corporation shows that 31 million smartphones were shipped in India in the first quarter of 2023, which is a 16% decrease from the previous year and the lowest first-quarter shipments in four years. The report attributes the sluggish demand to rising living costs and a weak global economic outlook. But while budget smartphone makers such as Realme and Xiaomi are struggling to sell their phones, Apple is growing its share of the market. This trend reveals some interesting insights into the state of the Indian economy. For example, the disappointing sales in the budget category suggest that India's poor may be putting off their smartphone purchases due to eroding household savings, while the rise in iPhone sales volumes suggests a growing middle class with a higher disposable income. Consumer trends from India point towards a visible demand for high-end automobiles, mobile phones, and other luxury items, while demand for mass consumption items such as budget motorcycles shows that rural households are feeling the squeeze. The Indian economy grew at 4.1 percent in the last quarter of 2022-2023, indicating that a large portion of the country's citizens are facing economic difficulties due to what economists call a K-shaped recovery. For now, it seems that Apple is not too worried, as their target is the growing Indian middle class and the rising affluent who seem to have no issues taking a bite of Apple's ambitious plan. While budget smartphone makers struggle to sell their phones in a tough economic climate, Apple's "premiumisation" strategy appears to be working. The wealth disparity highlighted by the smartphone sales figures, nevertheless, is a cause for concern. Now, it remains to be seen how the Indian economy will evolve in the coming years.

What iPhone sales tell us about India's economy

Foxconn, a major Apple supplier, announced in a filing on Tuesday that it has purchased a large plot of land on the outskirts of Bengaluru, the Indian IT hub, as part of its efforts to diversify away from China as its primary place of production.

Foxconn, also known by its&nbsp;official&nbsp;name Hon Hai Precision Industry, is the largest contract electronics manufacturer in the world and a key supplier of Apple iPhone parts.

Both companies are looking to expand outside of China, where the majority of their manufacturing is situated, after production was hampered by tough Covid restrictions and ongoing diplomatic challenges with the United States, as reported by the Hindustan Times.

<h2>Bid to expand outside of China</h2>

In a statement to the London Stock Exchange, the company said that it had acquired a 1.2 million square metre (13 million square foot) land in Devanahalli, close to the Bengaluru airport, the country's innovation hub.

The site was purchased for $37 million by its subsidiary Foxconn Hon Hai Technology India Mega Development.

In Vietnam's Nghe An province, another Foxconn facility was acquiring land use rights to a 480,000 square metre property, it was noted.

In March, Basavaraj S. Bommai, the chief minister of Karnataka, stated that Apple would "soon" begin manufacturing&nbsp;iPhones at a new plant in the state, creating "about 100,000 jobs".

Citing anonymous sources, Bloomberg News said that Foxconn intended to invest $700 million in a new factory in Karnataka that same month.

Foxconn chairman Young Liu visited the state then to "deepen partnerships... and seek cooperation in new areas such as semiconductor development and electric vehicles", he said in a statement.

He also met with Prime Minister Narendra Modi, according to whom their "discussions covered various topics aimed at enhancing India's tech and innovation eco-system"

At its facility in the southern state of Tamil Nadu, Foxconn has been manufacturing Apple smartphones in India since 2019.

Apple products are additionally manufactured and assembled in India by Wistron and Pegatron, two other Taiwanese suppliers.&nbsp;

Tim Cook, the CEO of Apple, last month unveiled the company's first two retail locations in the most populated nation in the world. Apple has been making its own push into India.

The California-based company is placing a significant stake in the 1.4 billion people&nbsp;country, which after&nbsp;China has the second-highest percentage of smartphone users worldwide.

The corporation with the largest market value in the world is likewise growing its industrial presence in India.

Apple announced in September of last year that it would produce the newest iPhone 14, just weeks after the flagship model was introduced, in India.

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Foxconn, a major Apple supplier, announced in a filing on Tuesday that it has purchased a large plot of land on the outskirts of Bengaluru, the Indian IT hub, as part of its efforts to diversify away from China as its primary place of production.

Foxconn, a major Apple supplier, announced in a filing on Tuesday that it has purchased a large plot of land on the outskirts of Bengaluru, the Indian IT hub, as part of its efforts to diversify away from China as its primary place of production. Foxconn, also known by its official name Hon Hai Precision Industry, is the largest contract electronics manufacturer in the world and a key supplier of Apple iPhone parts. Both companies are looking to expand outside of China, where the majority of their manufacturing is situated, after production was hampered by tough Covid restrictions and ongoing diplomatic challenges with the United States, as reported by the Hindustan Times. Bid to expand outside of China In a statement to the London Stock Exchange, the company said that it had acquired a 1.2 million square metre (13 million square foot) land in Devanahalli, close to the Bengaluru airport, the country's innovation hub. The site was purchased for $37 million by its subsidiary Foxconn Hon Hai Technology India Mega Development. In Vietnam's Nghe An province, another Foxconn facility was acquiring land use rights to a 480,000 square metre property, it was noted. In March, Basavaraj S. Bommai, the chief minister of Karnataka, stated that Apple would "soon" begin manufacturing iPhones at a new plant in the state, creating "about 100,000 jobs". Citing anonymous sources, Bloomberg News said that Foxconn intended to invest $700 million in a new factory in Karnataka that same month. Foxconn chairman Young Liu visited the state then to "deepen partnerships... and seek cooperation in new areas such as semiconductor development and electric vehicles", he said in a statement. He also met with Prime Minister Narendra Modi, according to whom their "discussions covered various topics aimed at enhancing India's tech and innovation eco-system" At its facility in the southern state of Tamil Nadu, Foxconn has been manufacturing Apple smartphones in India since 2019. Apple products are additionally manufactured and assembled in India by Wistron and Pegatron, two other Taiwanese suppliers. Tim Cook, the CEO of Apple, last month unveiled the company's first two retail locations in the most populated nation in the world. Apple has been making its own push into India. The California-based company is placing a significant stake in the 1.4 billion people country, which after China has the second-highest percentage of smartphone users worldwide. The corporation with the largest market value in the world is likewise growing its industrial presence in India. Apple announced in September of last year that it would produce the newest iPhone 14, just weeks after the flagship model was introduced, in India. WATCH WION LIVE HERE:

Apple maker Foxconn purchases land in Bengaluru worth $37mn, to increase manufacturing presence in India

Apple CEO Tim Cook on Thursday assured that his company is not planning big layoffs, sidestepping a trend widely visible across the USA’s tech sector. In an interview with CNBC’s Steve Kovach, Cook said firing employees was a last resort for the company. “I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment,” Cook added. Although, he didn’t rule out the possibility of job cuts in the near future.

<h2>Apple slows the rate of hiring</h2>

The Apple CEO made it clear that the company was taking steps to cut costs and has already slowed the rate of hiring. “We’re continuing to be extremely prudent on hiring. We’re continuing to hire, just at a lower clip level than we were before,” Cook said. “And we’re doing all the right things of challenging the things that we spend, and we’re just finding a few more ways to save on it,” he further said.

Watch:&nbsp;Apple CEO Tim Cook slams Silicon valley

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Unlike its major rivals, Apple didn’t go on a hiring spree during the pandemic, which puts the company in a better position even as the economic outlook deteriorates.&nbsp;

<h2>Apple beats quarterly earnings estimates</h2>

The major announcement from Tim Cook came as Apple’s quarterly earnings of $1.52 per share beat the estimates of $1.44 per share, a positive surprise of 5.56 per cent. The company posted revenue of $94.84 billion for the quarter ended March 2023, surpassing the Zacks Consensus Estimate by 1.63 per cent.

<h2>Apple bets big on India</h2>

Apple CEO on Thursday also heaped praises on India, while indicating that he was looking at the country as not just a major market but also a bigger production base. "Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year. So it was quite a good quarter for us. Taking a step back, India is an incredibly exciting market. It's a major focus for us,” Cook said, while saying that the country is at a "tipping point’".

Also Read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/apple-gains-from-indias-surging-retail-market-but-dont-bet-on-a-made-in-india-boost-yet-583983">Apple gains from India`s surging retail market, but don`t bet on a Made-in-India boost yet</a>

Cook also mentioned that he looked at India as an exciting market, and the country remains a prime focus for the company. Apple recently opened its first official store in India’s Mumbai and plans to open another in the coming days. 
 
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&nbsp;

Apple CEO Tim Cook on Thursday assured that his company is not planning big layoffs, sidestepping a trend widely visible across the USA’s tech sector. In an interview with CNBC’s Steve Kovach, Cook said firing employees was a last resort for the company.

Apple CEO Tim Cook on Thursday assured that his company is not planning big layoffs, sidestepping a trend widely visible across the USA’s tech sector. In an interview with CNBC’s Steve Kovach, Cook said firing employees was a last resort for the company. “I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment,” Cook added. Although, he didn’t rule out the possibility of job cuts in the near future. Apple slows the rate of hiring The Apple CEO made it clear that the company was taking steps to cut costs and has already slowed the rate of hiring. “We’re continuing to be extremely prudent on hiring. We’re continuing to hire, just at a lower clip level than we were before,” Cook said. “And we’re doing all the right things of challenging the things that we spend, and we’re just finding a few more ways to save on it,” he further said. Watch: Apple CEO Tim Cook slams Silicon valley × Unlike its major rivals, Apple didn’t go on a hiring spree during the pandemic, which puts the company in a better position even as the economic outlook deteriorates. Apple beats quarterly earnings estimates The major announcement from Tim Cook came as Apple’s quarterly earnings of $1.52 per share beat the estimates of $1.44 per share, a positive surprise of 5.56 per cent. The company posted revenue of $94.84 billion for the quarter ended March 2023, surpassing the Zacks Consensus Estimate by 1.63 per cent. Apple bets big on India Apple CEO on Thursday also heaped praises on India, while indicating that he was looking at the country as not just a major market but also a bigger production base. "Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year. So it was quite a good quarter for us. Taking a step back, India is an incredibly exciting market. It's a major focus for us,” Cook said, while saying that the country is at a "tipping point’". Also Read | Apple gains from India`s surging retail market, but don`t bet on a Made-in-India boost yet Cook also mentioned that he looked at India as an exciting market, and the country remains a prime focus for the company. Apple recently opened its first official store in India’s Mumbai and plans to open another in the coming days. WATCH WION LIVE HERE ×

Apple not planning mass layoffs, says CEO Tim Cook as he bets big on India

Apple sets its eye on emerging markets

Tech giant Apple has surprised analysts by posting better-than-expected sales and revenue numbers in the second quarter. The company reported a total revenue of 94 billion dollars, higher than analysts' prediction of 92.6 billion dollars. Sales of iPhones, too, did better than what analysts expected.

Apple's earnings results beat estimates

The Tech giant is expected to announce its quarterly results today and the buzz is that Apple may seek a buyback of its shares. Reports say that the buyback will be worth at least 90 billion dollars. This buyback is expected to work as a reminder to the world.

Apple expected to announce $90 billion in buybacks and dividends when it reports earnings

Apple's latest innovation, a high-yield saving account, may disrupt fintech

Apple and Google are teaming up to thwart unwanted tracking through AirTags and similar gadgets. The two companies behind the iPhone and the software that powers Android phones on Tuesday submitted a proposal to set standards for combatting secret surveillance on Bluetooth devices that were created to help people find lost keys, keep tabs on luggage or to locate other things that have a tendency to be misplaced.

Apple and Google submit plan to fight AirTag stalking

Apple and Google are working in collaboration&nbsp;to stop&nbsp;unwanted tracking through AirTags and similar gadgets.&nbsp;Both companies submitted a proposal to establish guidelines to deter&nbsp;secret surveillance on the Bluetooth devices that were created to help people find lost keys, keep tabs on luggage or locate&nbsp;or find other items that are prone to get misplaced.&nbsp;

The concept also has the support of&nbsp;Samsung,&nbsp;which sells the maximum number of Android smartphones worldwide,&nbsp;and the manufacturers&nbsp;of tracking products similar to the AirTag, such as Tile, Chipolo, and Pebblebee.

Since its release in 2021, the $30 AirTag has tremendously grown in popularity. However, police have received reports of stalkers using the gadgets to follow people who have previously been romantically involved with them and other people who are unaware they are being followed.

“Bluetooth trackers have created tremendous user benefits, but they also bring the potential of unwanted tracking, which requires industrywide action to solve,” said Dave Burke, Google’s vice-president of engineering for Android who spoke to the Guardian.&nbsp;

Apple, too, has taken cognisance of the issue and the possibility&nbsp;of the devices being misused. The company has responded by launching&nbsp;various features, including notifications that warn iPhone owners if a location tag that is not associated with their devices is travelling with them and an app to detect unwanted AirTag tracking for Android devices.

But Apple and Google now want to go a step ahead&nbsp;with a new industry standard that they say will help curb&nbsp;surveillance.

The two companies&nbsp;would release the solution&nbsp;via software upgrades for iPhones and Android phones, which would be distributed by the Internet Engineering Task Force (IETF), an agency that develops internet standards.

Erica Olsen, senior director of the Safety Net Project at the National Network to End Domestic Violence, praised the initiative to establish an industry standard because she thinks it will help shield victims of abusive relationships and other people&nbsp;who have been the target of stealth technology.

“These new standards will minimize opportunities for abuse of this technology and decrease the burden on survivors in detecting unwanted trackers,” Olsen said.

The&nbsp;<a data-link-name="in body link" href="https://datatracker.ietf.org/doc/draft-detecting-unwanted-location-trackers/">draft</a>&nbsp;is open to comments and recommendations&nbsp;from interested parties for the next three months.

&nbsp;

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Apple and Google are working in collaboration to stop unwanted tracking through AirTags and similar gadgets. Both companies submitted a proposal to establish guidelines to deter secret surveillance on the Bluetooth devices that were created to help people find lost keys, keep tabs on luggage or locate or find other items that are prone to get misplaced.

Apple and Google are working in collaboration to stop unwanted tracking through AirTags and similar gadgets. Both companies submitted a proposal to establish guidelines to deter secret surveillance on the Bluetooth devices that were created to help people find lost keys, keep tabs on luggage or locate or find other items that are prone to get misplaced. The concept also has the support of Samsung, which sells the maximum number of Android smartphones worldwide, and the manufacturers of tracking products similar to the AirTag, such as Tile, Chipolo, and Pebblebee. Since its release in 2021, the $30 AirTag has tremendously grown in popularity. However, police have received reports of stalkers using the gadgets to follow people who have previously been romantically involved with them and other people who are unaware they are being followed. “Bluetooth trackers have created tremendous user benefits, but they also bring the potential of unwanted tracking, which requires industrywide action to solve,” said Dave Burke, Google’s vice-president of engineering for Android who spoke to the Guardian. Apple, too, has taken cognisance of the issue and the possibility of the devices being misused. The company has responded by launching various features, including notifications that warn iPhone owners if a location tag that is not associated with their devices is travelling with them and an app to detect unwanted AirTag tracking for Android devices. But Apple and Google now want to go a step ahead with a new industry standard that they say will help curb surveillance. The two companies would release the solution via software upgrades for iPhones and Android phones, which would be distributed by the Internet Engineering Task Force (IETF), an agency that develops internet standards. Erica Olsen, senior director of the Safety Net Project at the National Network to End Domestic Violence, praised the initiative to establish an industry standard because she thinks it will help shield victims of abusive relationships and other people who have been the target of stealth technology. “These new standards will minimize opportunities for abuse of this technology and decrease the burden on survivors in detecting unwanted trackers,” Olsen said. The draft is open to comments and recommendations from interested parties for the next three months. WATCH WION LIVE HERE:

Google, Apple submit plan to combat AirTag stalking, deter secret surveillance

Apple iPhone 15 Pro and Apple iPhone 15 Pro Max may come with a new "action button" that could allow users to activate personalised functions. With the "action button" on the upcoming Apple iPhone 15 Pro and Apple iPhone 15 Pro Max, a user can reportedly activate functions like the camera, the torch or do not disturb, a number of leaks from within the production of yet-to-be-released iPhones have suggested.&nbsp;

Apple is reportedly adding this new button to the side of the upcoming iPhone 15 Pro and iPhone 15 Pro Max.

ALSO READ |&nbsp;<a href="https://www.wionews.com/science-tech/the-true-cost-of-upgrading-your-phone-422619">The true cost of upgrading your phone</a>

The button will replace the mute switch that currently sits at the top of the iPhone’s side, The Independent reported.

<h2>Apple iPhone 15 developments: 'Action button' feature similar to one in Apple Watch Ultra</h2>

Apple rolled out a similar action button in its Apple Watch Ultra, late last year. With that, users can choose a specific function, such as starting a workout.

The new button will reportedly be limited to the iPhone 15 Pro and Pro Max, according to 9to5Mac.&nbsp;

Apple has made efforts in the past to differentiate the Pro versions of the iPhone from their more affordable counterparts with distinct hardware and software features.

ALSO WATCH |&nbsp;Tim Cook opens India's first retail Apple store in Mumbai

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The upcoming iPhones’ buttons have been the subject of intense speculation. Various other reports have claimed that Apple could be moving towards "solid state" buttons for the volume clickers on the side of the phone.

A report in The Independent says that such solid state buttons do not press down, like the conventional ones. Instead, they use small vibrations sensors to give the feeling that they are.&nbsp;

Apple uses similar technology in the trackpads on its Macbooks.

It is not yet clear if the "solid state" buttons will be available in the iPhone 15. Due to technical issues reportedly encountered during the production of the upcoming iPhone, the release of this feature in iPhone 15 may have to wait for succession until the time of an iPhone 16 dawns for the world.&nbsp;

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Apple iPhone 15 Pro and Apple iPhone 15 Pro Max may come with a new "action button" that could allow users to activate personalised functions. With the "action button" on the upcoming Apple iPhone 15 Pro and Apple iPhone 15 Pro Max, a user can reportedly activate functions like the camera, the torch or do not disturb, a number of leaks from within the production of yet-to-be-released iPhones have suggested.

Apple iPhone 15 Pro and Apple iPhone 15 Pro Max may come with a new "action button" that could allow users to activate personalised functions. With the "action button" on the upcoming Apple iPhone 15 Pro and Apple iPhone 15 Pro Max, a user can reportedly activate functions like the camera, the torch or do not disturb, a number of leaks from within the production of yet-to-be-released iPhones have suggested. Apple is reportedly adding this new button to the side of the upcoming iPhone 15 Pro and iPhone 15 Pro Max. ALSO READ | The true cost of upgrading your phone The button will replace the mute switch that currently sits at the top of the iPhone’s side, The Independent reported. Apple iPhone 15 developments: 'Action button' feature similar to one in Apple Watch Ultra Apple rolled out a similar action button in its Apple Watch Ultra, late last year. With that, users can choose a specific function, such as starting a workout. The new button will reportedly be limited to the iPhone 15 Pro and Pro Max, according to 9to5Mac. Apple has made efforts in the past to differentiate the Pro versions of the iPhone from their more affordable counterparts with distinct hardware and software features. ALSO WATCH | Tim Cook opens India's first retail Apple store in Mumbai × The upcoming iPhones’ buttons have been the subject of intense speculation. Various other reports have claimed that Apple could be moving towards "solid state" buttons for the volume clickers on the side of the phone. A report in The Independent says that such solid state buttons do not press down, like the conventional ones. Instead, they use small vibrations sensors to give the feeling that they are. Apple uses similar technology in the trackpads on its Macbooks. It is not yet clear if the "solid state" buttons will be available in the iPhone 15. Due to technical issues reportedly encountered during the production of the upcoming iPhone, the release of this feature in iPhone 15 may have to wait for succession until the time of an iPhone 16 dawns for the world. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Apple iPhone 15 may come with an 'action button', reports suggest

Straight out of a slick Hollywood heist movie, two burglars in the US state of Washington managed to break into an Apple store and steal as many as 436 units of iPhones, costing approximately $500,000.

Straight out of a slick Hollywood heist movie, two burglars in the US state of Washington managed to break into an Apple store and steal as many as 436 units of iPhones, costing approximately $500,000. The incident transpired at the Apple Store in the Alderwood Mall, Seattle when the facility was closed. The thieves did their homework and managed to sneak in by cutting a hole in the bathroom wall of a coffee shop next door to enter the backroom of the Apple store. The clever manoeuvre allowed the burglars to bypass Apple's security system. The Apple security team as well as the shop employees had no information about the stolen merchandise until they arrived for work the next day. Lynwood Police confirmed that apart from the iPhones, Apple merchandise worth thousands of dollars was also stolen by the crafty thieves. “Approximately 436 iPhones in total were taken out of the back. As of right now, no [fingerprints] have been found and the subjects entered wearing masks,” Lynwood Police Department Communications Manager Maren McKay was quoted as saying by Fox News. “No arrests have been made at this point, but detectives are currently investigating any information and leads.” WATCH | Tim Cook opens India's first retail Apple store in Mumbai × Surprised the Apple shop was adjacent: Coffee shop worker Eric Marks, the regional retail manager of the Coffee shop expressed surprise at the robbery and said even he did not know that the shop was adjacent to the Apple store. “[It was a] 24-by-18 hole cut in the wall into what appears to be the back room of the Apple Store. I’m surprised we were the conduit for them to get to the Apple Store. I had no clue we were so close or adjacent to them," Marks was quoted as saying by Seattle's local news channel, King 5 News. “Our front door was locked. They pried our front door open,” said Marks, adding that the break-in will cost the store around $2,000 in repairs. ALSO READ | Apple gains from India's surging retail market, but don't bet on a Made-in-India boost yet Meanwhile, Seattle Coffee Gear CEO Mike Atkinson took to Twitter to post a picture of the hole made in his shop's bathroom. "Two men broke into one of our retail locations. Why? To cut a hole in our bathroom wall to access the Apple Store next door and steal $500k worth of Iphones," tweeted Atkinson. Apple products are known to be expensive with the latest iPhone 14 starting at around $699. The thieves could easily be able to sell them in the black market and reap huge profits. (With inputs from agencies) WATCH WION LIVE HERE:

US: Thieves break into Apple store through bathroom of adjacent shop, steal 436 iPhones worth $500,000

Apple Inc's Chief Executive Officer (CEO) Tim Cook on Thursday (April 20) inaugurated the company's retail store in Delhi at the Select Citywalk Mall in Saket. This is the second retail store in India after Cook opened the first store in Mumbai on Tuesday.

Apple Inc's Chief Executive Officer (CEO) Tim Cook on Thursday (April 20) inaugurated the company's retail store in Delhi at the Select Citywalk Mall in Saket. This is the second retail store in India after Cook opened the first store in Mumbai on Tuesday. The retail store in Delhi is half the size of the Mumbai store where Apple would pay a portion of total sales from the store as rent or $49,000 per month, a report by the news agency PTI said. The retail store at the Select Citywalk Mall was jam-packed with fans and customers, as a delighted Cook welcomed customers. This store would offer personalised support and unique experiences for customers to discover the various aspects of the technology. What an incredible reception, Delhi, thank you! We’re delighted to welcome our customers to our newest store—Apple Saket! pic.twitter.com/5Jmi79ixzl — Tim Cook (@tim_cook) April 20, 2023 × "What an incredible reception, Delhi, thank you! We’re delighted to welcome our customers to our newest store—Apple Saket!" Cook tweeted. ALSO READ | Apple gains from India's surging retail market, but don't bet on a Made-in-India boost yet Deirdre O`Brien, Apple's Senior Vice President of retail, said on Thursday "We`re thrilled to bring the best of Apple to our customers in Delhi with the opening of our second store in India, Apple Saket," the news agency IANS reported. O'Brien added that the company's team members look forward to connecting with the local community, and helping them find new ways "to pursue their passions and unleash their creativity through our amazing products and services." Tim Cook meets Indian PM Narendra Modi A day before the opening of Apple's retail store in Delhi, CEO Tim Cook met Indian Prime Minister Narendra Modi and Union Minister of State for Electronics and IT Rajeev Chandrasekhar and discussed how to boost local manufacturing and iPhone exports. On Twitter, Cook said, "We share your vision of the positive impact technology can make on India’s future — from education and developers to manufacturing and the environment, we’re committed to growing and investing across the country." An absolute delight to meet you, @tim_cook! Glad to exchange views on diverse topics and highlight the tech-powered transformations taking place in India. https://t.co/hetLIjEQEU — Narendra Modi (@narendramodi) April 19, 2023 × In response, Prime Minister Modi tweeted that it was an absolute delight to meet Cook, adding he was glad to exchange views on diverse topics and highlight the tech-powered transformations taking place in India. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: After Mumbai, Apple opens its retail store in Delhi

Tech giant Apple has opened its first retail store in India. The store, located in Mumbai, marks a significant milestone for the company's expansion into the Indian market.

Tim Cook opens India's first retail Apple store in Mumbai

Indian TV channels and newspapers are gushing this week over Apple Inc's CEO Tim Cook's high-profile visit, marked by the inauguration (finally) of company-owned stores in Delhi and Mumbai in a country where its products, notably the iPhone, have been selling for billions of dollars through resellers.&nbsp;

My memories went back about 25 years ago, when I wrote a story on the visit of Bill Gates, then CEO of software giant Microsoft. The first line of my story was: Is he coming here to buy, or is he coming here to sell?&nbsp;

It is time now for me to dust up that line again, this time for Cook, whose visit was preceded by a full-length Bollywood movie, Fursat, shot on an iPhone 14 Pro. This has definitely been a visit whose design matched the famous products made by Apple. A vada-pav (potato dumpling sandwich famous at&nbsp;Mumbai's street stalls) outing with the somewhat ageing movie star Madhuri Dixit, a badminton star in attendance, a cult evening out with a classical music-fused concert on an iPad....you get the picture.&nbsp;

Look beyond the glitz now to ask why there should be so much excitement about somebody who is coming to sell products. I know that consumerism is a religion for Apple fans. The giant is said to command a 60% market share in the higher end of India's smartphone market though the overall market share for the country in its global scheme of things is just about 2%. But, as Cook himself spoke of exciting years ahead for India, his eye was on the main chance: wooing an emerging market of youth-rich 1.4 billion people with increasing purchasing power.&nbsp;

<a href="https://www.wionews.com/world/report-number-of-millionaires-in-india-china-to-double-by-2026-518119">Credit Suisse</a> (now a failed company, alas) said last year&nbsp;in a global wealth report that India is expected to double the number of its US dollar millionaires by 2026 from close to 800,000 in 2022. That is a small number for Apple now, but the growth rate indicates that juicy times lie ahead for Tim Cook's army. Twentysomething Indians buying $1,000 iPhones is now quite common in urban India, and one marketing wizard expects an "Indianisation of Apple" that might mean gold-coloured iPhones for a jewellery-loving tribe. 
 
India has come a long way from 1990 when I covered the entry of PepsiCo, which was obliged to buy tomatoes from Punjab farmers and earn foreign exchange in return for selling sugared water to Indians. "Sugared water" is incidentally what Apple founder Steve Jobs called cola when he wooed Pepsi's John Sculley to join his computer company to drive marketing in Apple's history-making epoch.&nbsp;

While Gates came calling a few years later, I was not sure if Microsoft was focused on selling its then monopolistic Windows software to Indians or had something that would actually benefit India's economy by way of exports. Things have changed now. Microsoft has software development facilities in India that contribute significantly to its progress and that of India.

As for Apple, the real focus of policy-makers and serious-minded Indians is whether it can help India become a powerhouse as part of a so-called "China plus one" strategy to diversify its manufacturing. In fact, Apple is now said to produce about 7 per cent of its iPhones in India through partnerships with companies like Foxconn and Pegatron, up from only one per cent two years ago. Most of that is by way of assembling components.

Last financial year, Apple is reported to have exported $5 billion worth of iPhones from India (out of a total $7 billion in Indian revenues) up four times on the year. It is now expected to make 25 per cent of its iPhones in India over the next two years. Foxconn has been in the news for planning to invest $700 million to build a 100,000-job factory in southern Karnataka, which is only a small beginning in an anticipated manufacturing boost.&nbsp;

That is indeed good news for those who want to see India as a stronger economy from a producer's point of view that creates jobs and wealth, and not just as a consumer market.&nbsp;

Cook also said during his visit that it has a strong developer community in India to build software around its iOS platform and an estimated 1 million jobs have been created in India, thanks to Apple's app design centre in Bangalore launched in 2017.&nbsp;

Does that make India significant enough in a manner that India gains from Apple as much if not more than Apple gains from Indian consumers? Perhaps, if Bollywood, Kollywood, and the other woods of Indian cinema turn iPhones into global content export engines the way Indian software companies turned personal computers into forex-earning ninjas to morph India's sagging economy.&nbsp;

To be fair to Apple, it is also a quiet importer of software services from India. Among its vendors are Wipro, Infosys, Tata Consultancy Services, Tech Mahindra and a lesser-known company, Exilant (since acquired by Quest Global). These companies have been providing confidentially to Apple a range of services in application development, data warehousing, business intelligence, product lifecycle management, channel sales and customer care.&nbsp;

No one talks about it, but things leak out of former or anonymous employees on sites such as salary tracker Glassdoor. One geek says of working on Apple projects: "Work was really great, you get a lot to learn in very short time. A lot of responsibilities and stringent timelines, definitely make you a good developer if you are willing to put in the effort...Real fun-loving team that will make you enjoy your office experience."&nbsp;

On balance, I find Apple's engagement encouraging for India's economy but it is difficult to get all the required numbers. I would not jump to conclusions on how much Apple will help in making Prime Minister Narendra Modi's dreams of India becoming a global manufacturing hub. A lot depends on cost efficiency, infrastructure and tax incentives that Apple or its partners perceive.&nbsp;

When it comes to the crunch, Apple is a hard-bargaining company that seeks value for money in its investments, which is what has made its cash and similar reserves swell to $51 billion and assets to cross $346 billion.

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)&nbsp;

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Indian TV channels and newspapers are gushing this week over Apple Inc's CEO Tim Cook's high-profile visit, marked by the inauguration (finally) of company-owned stores in Delhi and Mumbai in a country where its products, notably the iPhone, have been selling for billions of dollars through resellers.

Indian TV channels and newspapers are gushing this week over Apple Inc's CEO Tim Cook's high-profile visit, marked by the inauguration (finally) of company-owned stores in Delhi and Mumbai in a country where its products, notably the iPhone, have been selling for billions of dollars through resellers. My memories went back about 25 years ago, when I wrote a story on the visit of Bill Gates, then CEO of software giant Microsoft. The first line of my story was: Is he coming here to buy, or is he coming here to sell? It is time now for me to dust up that line again, this time for Cook, whose visit was preceded by a full-length Bollywood movie, Fursat, shot on an iPhone 14 Pro. This has definitely been a visit whose design matched the famous products made by Apple. A vada-pav (potato dumpling sandwich famous at Mumbai's street stalls) outing with the somewhat ageing movie star Madhuri Dixit, a badminton star in attendance, a cult evening out with a classical music-fused concert on an iPad....you get the picture. Look beyond the glitz now to ask why there should be so much excitement about somebody who is coming to sell products. I know that consumerism is a religion for Apple fans. The giant is said to command a 60% market share in the higher end of India's smartphone market though the overall market share for the country in its global scheme of things is just about 2%. But, as Cook himself spoke of exciting years ahead for India, his eye was on the main chance: wooing an emerging market of youth-rich 1.4 billion people with increasing purchasing power. Credit Suisse (now a failed company, alas) said last year in a global wealth report that India is expected to double the number of its US dollar millionaires by 2026 from close to 800,000 in 2022. That is a small number for Apple now, but the growth rate indicates that juicy times lie ahead for Tim Cook's army. Twentysomething Indians buying $1,000 iPhones is now quite common in urban India, and one marketing wizard expects an "Indianisation of Apple" that might mean gold-coloured iPhones for a jewellery-loving tribe. India has come a long way from 1990 when I covered the entry of PepsiCo, which was obliged to buy tomatoes from Punjab farmers and earn foreign exchange in return for selling sugared water to Indians. "Sugared water" is incidentally what Apple founder Steve Jobs called cola when he wooed Pepsi's John Sculley to join his computer company to drive marketing in Apple's history-making epoch. While Gates came calling a few years later, I was not sure if Microsoft was focused on selling its then monopolistic Windows software to Indians or had something that would actually benefit India's economy by way of exports. Things have changed now. Microsoft has software development facilities in India that contribute significantly to its progress and that of India. As for Apple, the real focus of policy-makers and serious-minded Indians is whether it can help India become a powerhouse as part of a so-called "China plus one" strategy to diversify its manufacturing. In fact, Apple is now said to produce about 7 per cent of its iPhones in India through partnerships with companies like Foxconn and Pegatron, up from only one per cent two years ago. Most of that is by way of assembling components. Last financial year, Apple is reported to have exported $5 billion worth of iPhones from India (out of a total $7 billion in Indian revenues) up four times on the year. It is now expected to make 25 per cent of its iPhones in India over the next two years. Foxconn has been in the news for planning to invest $700 million to build a 100,000-job factory in southern Karnataka, which is only a small beginning in an anticipated manufacturing boost. That is indeed good news for those who want to see India as a stronger economy from a producer's point of view that creates jobs and wealth, and not just as a consumer market. Cook also said during his visit that it has a strong developer community in India to build software around its iOS platform and an estimated 1 million jobs have been created in India, thanks to Apple's app design centre in Bangalore launched in 2017. Does that make India significant enough in a manner that India gains from Apple as much if not more than Apple gains from Indian consumers? Perhaps, if Bollywood, Kollywood, and the other woods of Indian cinema turn iPhones into global content export engines the way Indian software companies turned personal computers into forex-earning ninjas to morph India's sagging economy. To be fair to Apple, it is also a quiet importer of software services from India. Among its vendors are Wipro, Infosys, Tata Consultancy Services, Tech Mahindra and a lesser-known company, Exilant (since acquired by Quest Global). These companies have been providing confidentially to Apple a range of services in application development, data warehousing, business intelligence, product lifecycle management, channel sales and customer care. No one talks about it, but things leak out of former or anonymous employees on sites such as salary tracker Glassdoor. One geek says of working on Apple projects: "Work was really great, you get a lot to learn in very short time. A lot of responsibilities and stringent timelines, definitely make you a good developer if you are willing to put in the effort...Real fun-loving team that will make you enjoy your office experience." On balance, I find Apple's engagement encouraging for India's economy but it is difficult to get all the required numbers. I would not jump to conclusions on how much Apple will help in making Prime Minister Narendra Modi's dreams of India becoming a global manufacturing hub. A lot depends on cost efficiency, infrastructure and tax incentives that Apple or its partners perceive. When it comes to the crunch, Apple is a hard-bargaining company that seeks value for money in its investments, which is what has made its cash and similar reserves swell to $51 billion and assets to cross $346 billion. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Apple gains from India's surging retail market, but don't bet on a Made-in-India boost yet

Tech giant Apple launched its Apple Card savings account with a 4.15 percent annual percentage yield (APY). The company said Apple Card users can grow their Daily Cash rewards with a savings account provided by Goldman Sachs (GS).

Apple launches its high-yield savings account with 4.15% interest rate

Apple's CEO Tim Cook is in India ahead of the opening of the company's first store in Mumbai. Cook met India Inc leaders ahead of the store launch.

Apple CEO Tim Cook visits India for new store opening

Apple opens its first retail store in India

Tech giant Apple's India sales grew by 50% in the year through March, the media reports said on Monday. It's revenue in India almost touched $6 billion in March of 2023 compared to $4.1 billion in the same period last year.

Apple gets a shot in the arm in India, hits $6bn in sales

Apple has bet big on India since it began iPhone assembly in the country in 2017. Apple is now planning to further boost the iPhone production in the country especially as the company has accelerated plans to shift some of its iPhone production outside of China. In India apple is said to have significantly increased its production of iPhones in India according to a report the company now amounts accounts for almost seven percent of its total iPhone production, this is up from one percent in 2021. In other words in the last fiscal year the company assembled iPhones worth more than seven billion dollars in India analysts believe Apple could make 25 of the iPhones in India by 2025. Now India is increasingly becoming a manufacturing base for Apple and some Apple products are already assembled in the country.

Apple ramps up iPhone production in India to meet growing demand

Apple's manufacturing diversification away from China and into India is paying up with significant efficiency for the world's largest technology company. The total value of iPhones assembled by Apple in India between March 2022 and March 2023 is reported to be more than $7 billion (over 573 crore). The company has managed to triple its production during this period in India, Bloomberg reported.

Of the total production, Apple exported $5 billion of iPhones in the year ended March 2023, nearly four times as much as the previous period, Bloomberg cited people familiar with the matter as saying.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/apples-management-shake-up-reflects-its-focus-on-india-570188">Apple's management shake-up reflects its focus on India</a>

The company now makes almost 7 per cent of its iPhones in India. With partners such as Foxconn Technology Group and Pegatron Corp., Apple has been able to establish and amplify its manufacturing base in the world's fifth largest economy.&nbsp;

India accounted for just 1 per cent of iPhones produced in 2021. Apple could assemble a quarter of all its iPhones in India by 2025, the report added.&nbsp;

<h2>Why is Apple moving away from China?</h2>

Apple is looking for ways to reduce its dependence on China as tensions between the United States and Beijing continue to escalate. Last year, the company struggled with lockdown at Foxconn's 'iPhone city' manufacturing unit in Zhengzhou, which forced workers away and exposed vulnerabilities in Apple's supply chain.

<h2>Why is India a lucrative place to manufacture iPhones?</h2>

Not just iPhones but for production of any goods within India, Prime Minister Narendra Modi's government has announced Production Linked Incentives (PLis), which ultimately reduce the net production cost for companies setting up new manufacturing units in India. The move is aimed to boost local manufacturing.

ALSO WATCH |&nbsp;Apple's iPhone exports from India surpass $2.5 billion

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Apple is now placed at the heart of India’s ambitions to become a major manufacturing hub and alternative to China.&nbsp;

<h2>Apple iPhone production boost: What it means for India?</h2>

The scale of iPhone production represents an economic triumph for India. This may have further implications for how foreign brands plan their manufacturing strategies.&nbsp;

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Apple's manufacturing diversification away from China and into India is paying up with significant efficiency for the world's largest technology company. The total value of iPhones assembled by Apple in India between March 2022 and March 2023 is reported to be more than $7 billion (over 573 crore).

Apple's manufacturing diversification away from China and into India is paying up with significant efficiency for the world's largest technology company. The total value of iPhones assembled by Apple in India between March 2022 and March 2023 is reported to be more than $7 billion (over 573 crore). The company has managed to triple its production during this period in India, Bloomberg reported. Of the total production, Apple exported $5 billion of iPhones in the year ended March 2023, nearly four times as much as the previous period, Bloomberg cited people familiar with the matter as saying. ALSO READ | Apple's management shake-up reflects its focus on India The company now makes almost 7 per cent of its iPhones in India. With partners such as Foxconn Technology Group and Pegatron Corp., Apple has been able to establish and amplify its manufacturing base in the world's fifth largest economy. India accounted for just 1 per cent of iPhones produced in 2021. Apple could assemble a quarter of all its iPhones in India by 2025, the report added. Why is Apple moving away from China? Apple is looking for ways to reduce its dependence on China as tensions between the United States and Beijing continue to escalate. Last year, the company struggled with lockdown at Foxconn's 'iPhone city' manufacturing unit in Zhengzhou, which forced workers away and exposed vulnerabilities in Apple's supply chain. Why is India a lucrative place to manufacture iPhones? Not just iPhones but for production of any goods within India, Prime Minister Narendra Modi's government has announced Production Linked Incentives (PLis), which ultimately reduce the net production cost for companies setting up new manufacturing units in India. The move is aimed to boost local manufacturing. ALSO WATCH | Apple's iPhone exports from India surpass $2.5 billion × Apple is now placed at the heart of India’s ambitions to become a major manufacturing hub and alternative to China. Apple iPhone production boost: What it means for India? The scale of iPhone production represents an economic triumph for India. This may have further implications for how foreign brands plan their manufacturing strategies. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Apple, moving away from China, makes iPhones worth $7bn in India

Former Apple communications chief Katie Cotton, who played a key role in protecting Apple's beloved brand during Steve Jobs' tenure and beyond, has died at 57.

The family of Cotton, who was born in 1965, announced in an online obituary that she "passed peacefully" on April 6.

On Monday, Apple released a statement confirming her passing.

In a statement, the tech giant expressed its "deep sadness" over Katie's death. The company said over the course of her two decades at Apple, she made innumerable contributions and was widely recognised as a remarkable individual.

Cotton joined Apple in 1996 and served as the company's Vice President of Communications until her departure in 2014.

She was instrumental in developing Apple's media strategy and coordinating the company's ground-breaking product launches.

She was an unsung hero behind the scenes, fighting for Apple's reputation while shielding Steve Jobs from the public eye during his final illness.

The Apple's former communications chief left the company around two years into Tim Cook's term as CEO. Cook succeeded Jobs as the CEO of Apple.

During her tenure, Apple made its way back from the brink of bankruptcy to become the most valuable company in the world, making it one of the most miraculous comebacks in technology history.

Her family's obituary sums up her life.

The family said in the obituary that she moved California from New Jersey to build a name for herself and "so she did."

Cotton is widely regarded as one of the most impressive women working in tech public relations and marketing.

Former Apple communications chief Katie Cotton, who played a key role in protecting Apple's beloved brand during Steve Jobs' tenure and beyond, has died at 57. The family of Cotton, who was born in 1965, announced in an online obituary that she "passed peacefully" on April 6.

Former Apple communications chief Katie Cotton, who played a key role in protecting Apple's beloved brand during Steve Jobs' tenure and beyond, has died at 57. The family of Cotton, who was born in 1965, announced in an online obituary that she "passed peacefully" on April 6. On Monday, Apple released a statement confirming her passing. In a statement, the tech giant expressed its "deep sadness" over Katie's death. The company said over the course of her two decades at Apple, she made innumerable contributions and was widely recognised as a remarkable individual. Cotton joined Apple in 1996 and served as the company's Vice President of Communications until her departure in 2014. She was instrumental in developing Apple's media strategy and coordinating the company's ground-breaking product launches. She was an unsung hero behind the scenes, fighting for Apple's reputation while shielding Steve Jobs from the public eye during his final illness. The Apple's former communications chief left the company around two years into Tim Cook's term as CEO. Cook succeeded Jobs as the CEO of Apple. During her tenure, Apple made its way back from the brink of bankruptcy to become the most valuable company in the world, making it one of the most miraculous comebacks in technology history. Her family's obituary sums up her life. The family said in the obituary that she moved California from New Jersey to build a name for herself and "so she did." Cotton is widely regarded as one of the most impressive women working in tech public relations and marketing.

Katie Cotton, the unsung hero behind Apple's media strategy, dies

Former Apple Communications Chief Katie Cotton, who played a key role in protecting Apple beloved brand during Steve Jobs tenure, had died. Cotton was born in 1965 announced in an online obituary that she passed peacefully on April 6th on Monday.

Katie Cotton, Apple's steward for 18 years dies: The unsung hero behind Apple's media strategy

Apple is preparing to open its first retail store in India next week in a move that is being seen as symbolic of the importance the tech giant attaches to world's fastest growing smartphone market. Apple will open its first official store in Mumbai on April 18 and then in Delhi on April 20.

At present, the company sells its product in the country through exclusive Apple Premium Reseller (APR) stores along with large chains like Reliance Digital, Croma, etc and e-commerce websites.

"Today Apple announced it will open its doors to customers at two new retail locations in India: Apple BKC in Mumbai on April 18, and Apple Saket in Delhi on April 20," the company said.

Watch | IDC: Apple PC shipments fall over 40% YOY

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The barricade for Apple Saket in Delhi was revealed this morning and features a unique design that takes inspiration from Delhi's many gates, each signifying a new chapter to the city's storied past, Apple said.

In celebration of the first Apple store opening in India, Apple BKC announced a special Today at Apple series "Mumbai Rising" running from opening day through the summer.

"Bringing visitors, local artists, and creatives together, these sessions will offer hands-on activities with Apple's products and services that celebrate the local community and culture in Mumbai," it said.

As per Cybertmedia Research (CMR) quoted by PTI, Apple has a market share of 4 per cent with year-on-year increase of 17 per cent in 2022.

CMR, Head-Industry Intelligence Group, Prabhu Ram said offline retail is a critical touchpoint in India, especially for a majority of Indian consumers who love to touch, feel and explore the products, before making their device purchase considerations.

"For Apple, the Apple BKC and Apple Saket flagship stores are pivotal to turbocharge Apple's future growth in a strategic market. Apple's retail stores globally set a standard in terms of consumer experience, staff knowledge and expertise, and the service standards, beyond products," Ram said.

(With inputs from agencies)

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&nbsp;

Apple is preparing to open its first retail store in India next week in a move that is being seen as symbolic of the importance the tech giant attaches to world's fastest growing smartphone market.

Apple is preparing to open its first retail store in India next week in a move that is being seen as symbolic of the importance the tech giant attaches to world's fastest growing smartphone market. Apple will open its first official store in Mumbai on April 18 and then in Delhi on April 20. At present, the company sells its product in the country through exclusive Apple Premium Reseller (APR) stores along with large chains like Reliance Digital, Croma, etc and e-commerce websites. "Today Apple announced it will open its doors to customers at two new retail locations in India: Apple BKC in Mumbai on April 18, and Apple Saket in Delhi on April 20," the company said. Watch | IDC: Apple PC shipments fall over 40% YOY × The barricade for Apple Saket in Delhi was revealed this morning and features a unique design that takes inspiration from Delhi's many gates, each signifying a new chapter to the city's storied past, Apple said. In celebration of the first Apple store opening in India, Apple BKC announced a special Today at Apple series "Mumbai Rising" running from opening day through the summer. "Bringing visitors, local artists, and creatives together, these sessions will offer hands-on activities with Apple's products and services that celebrate the local community and culture in Mumbai," it said. As per Cybertmedia Research (CMR) quoted by PTI, Apple has a market share of 4 per cent with year-on-year increase of 17 per cent in 2022. CMR, Head-Industry Intelligence Group, Prabhu Ram said offline retail is a critical touchpoint in India, especially for a majority of Indian consumers who love to touch, feel and explore the products, before making their device purchase considerations. "For Apple, the Apple BKC and Apple Saket flagship stores are pivotal to turbocharge Apple's future growth in a strategic market. Apple's retail stores globally set a standard in terms of consumer experience, staff knowledge and expertise, and the service standards, beyond products," Ram said. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Apple prepares to open first official store in India next week

In the first quarter of 2023, Apple's worldwide computer shipments decreased by almost 40% year over year. Apple's competitors are also experiencing a decline in consumer demand. Aces Also reporting double-digit declines in shipments were Dell HP and Lenovo.

IDC: Apple PC shipments fall over 40% YOY

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