Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
India is now playing a key role in Apple Inc’s global sales of iPad tablets and Mac computers too in a clear sign that the Cupertino giant’s market growth strategy has started to unfold in India in line with CEO Tim Cook’s plan to grow sales of all products after creating a dedicated base for one product the iPhone.
For the third quarter results ended June, Apple reported 45% growth in year-on-year sales of iPads in India. Apple’s top management acknowledged in the earnings call that strong demand in India for iPads, along with 51% growth in China and the 64% in Middle-East, played a vital role to overcome the muted demand in US and Europe to post 4.8% growth in overall iPad sales.
Apple’s senior vice-president and chief financial officer Luca Maestri said the strong growth of iPads in developing markets “was more than offset by lower sales in more mature markets.” Original post at Telecom The Economic Times/ Writankar Mukherjee