India's Titan says first-quarter domestic sales up 19%
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Apple shares rise after strong quarterly results amid tariff woes, competition
Aug 1 (Reuters) - Apple (AAPL.O), opens new tab shares rose 2% in premarket trading on Friday, after the iPhone maker's quarterly results topped Wall Street expectations, indicating resilience in the face of global trade tensions and intensifying artificial intelligence rivalry. Driven by a sharp rebound in its flagship phone sales, Apple posted its fastest revenue growth since 2021 and forecast "mid to high single digit" growth for the current quarter, well above analysts' 3.27% estimate. "Although there are specific drivers like China subsidies that can be attributed for some of the exceptional strength, the acceleration in revenue growth ... is equally surprising, especially in a quarter when consumers typically hold off purchases ahead of the next iPhone launch in September," analysts said. Apple has been rebalancing its manufacturing footprint, sourcing iPhones from India and other products such as Macs and Apple Watches from Vietnam, while much of its product line still benefits from tariff exemptions. CEO Tim Cook warned that tariffs would raise costs by $1.1 billion in the current quarter after the company said it took an $800 million hit from tariffs in the third quarter. The company also faces stiff competition from hardware rivals such as Samsung Electronics ( opens new tab in the premium smartphone space and software giant Alphabet (GOOGL.O), opens new tab, which is rapidly embedding AI into Android and ramping up AI spending with growing returns. Among the 'Magnificent Seven' stocks, Apple has lagged behind this year, with its stock down 17%, as it grapples with staying competitive in the fast-evolving AI space. Apple has delayed the release of its AI-enhanced virtual assistant - Siri, and was slow to launch Apple Intelligence, but Cook said the company is making headway and scaling up its AI spending to catch up with Big Tech rivals. "Brand loyalty gives Apple time to get the AI transition right, but it needs to start delivering", said Matt Britzman, senior equity analyst, Hargreaves Lansdown.
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McDonald's plans to 'double down' on AI investment by 2027, senior exec says
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India's Andhra Pradesh state approves up to $600 million for electronic parts production
Aug 1 (Reuters) - India's southern state of Andhra Pradesh on Friday approved a draft scheme offering $600 million in incentives to boost local manufacturing of electronics components. In March this year, India's federal government approved a similar plan worth a larger 229.19 billion rupees ($2.62 billion) to boost electronics components manufacturing in the country. New Delhi and several states have been seeking investments from electronics components makers and offering subsidies as the country looks to bolster domestic supply and reduce dependence on China. India's electronic production has more than doubled in the last six years to $115 billion in 2024, led by growth in mobile manufacturing by global firms such as Apple (AAPL.O), opens new tab and Samsung ( opens new tab. It is now the world's fourth-largest smart phone supplier. The country aims to more than quadruple that to $500 billion by fiscal 2030, including production of components worth $150 billion, according to the government's top policy think tank Niti Aayog. Electronics components firms looking to set up factories in Andhra Pradesh will be offered land at a discount of 75%, the state said, adding that they would not have to pay taxes on electricity consumption for the first six years. The state also plans to offer a 50% capital subsidy to the first 10 firms willing to invest 2.5 billion rupees over five years, or match the subsidy amount New Delhi offers to the investing company, the state said in its draft policy. Electronics maker Syrma SGS ( opens new tab has applied for the incentive scheme, the Andhra Pradesh government said. ($1 = 87.4090 Indian rupees)
