Demonetisation great move for India in longer term: Apple CEO Tim Cook

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The Demonetisation drive undertaken by the Indian government is a "great move" in the longer term, AppleChief Executive Officer Tim Cook said as he emphasised the company's strong intention to "invest significantly" in the country.

Cook, in the first quarter of the financial year (FY) 2017 earnings release conference call, said despite the demonetisation exercise, US-based iPhone maker performed well in the Indian market.

"Despite the demonetisation move in India that created lots of economic pressure there last quarter, despite that, we had all-time record revenue results, and so we were very happy about that," Cook said in the call on Tuesday when asked about the company's performance in India during FY17 the quarter ended December 31, 2016.

Cook, 56, said the impact of demonetisation has not worked its way through yet and it is "still definitely having some overhang." Read more

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