One of Tim Cook's big bets is paying off
Angela Weiss/AFP/Getty Images
- Apple hit a milestone in its Indian market.
- Sales in its latest fiscal year hit nearly $8 billion in the country, Bloomberg reported.
- Apple execs have made it a point to grow in Asian markets in the past year as rivals push forward.
Apple scored a win in its fight to gain a foothold in Asia.
Bloomberg reported Monday that the tech giant's sales in the year through March in India hit nearly $8 billion, setting a record. It's a 33% jump from the $6 billion a year prior.
CEO Tim Cook has led an effort to strengthen Apple's presence in Asian markets. In the fiscal second-quarter earnings call, Cook said he felt "very optimistic" about his visit to Shanghai in March.
But India is also a key part of Apple's plans in the region, helping it diversify. CFO Luca Maestri named it among the countries that could help Apple offset declines in the Chinese market thanks to government bans and competition from rivals.
Although India's revenue represents only about 2% of Apple's $383 billion annual sales, it does show that the company's bet on an expanding Indian middle class is paying off. According to Bloomberg, iPhones accounted for over half of sales in the country, even though the Indian smartphone market is still dominated by cheaper handsets.
Apple didn't immediately respond to a request for comment from Business Insider.