When Apple surprised investors this week with a rise in iPhone sales despite a slump in the global smartphone market, Chief Executive Tim Cook credited emerging markets like India where the company is luring away Android phone users.
Cook is betting that those markets will provide more opportunities for growth, with their youthful populations and relatively few iPhones.
Apple said iPhone sales rose 1.5% to $51.3 billion for its fiscal second quarter even as global smartphone shipments fell 13% in January to March, according to research firm Canalys, whose data showed Apple gained market share from Android phones.