Apple's Tim Cook to visit India this week

US technology giant Apple's chief executive Tim Cook is expected to visit India later this week and will meet Prime Minister Narendra Modi, according to a source.

"It is expected that the Apple CEO will meet Prime Minister Modi this weekend," a source familiar with the development told IANS.

At present, Cook is in Beijing, China. Apple on May 13 announced an investment of $1 billion in Chinese ride-hailing app Didi Chuxing.

During his visit, Cook met some of China's well known app developers as well.

Cook, who joined Apple in March 1998, was made chief executive of the company, succeeding Steve Jobs, on August 24, 2011.

Hit by a slower growth in its flagship iPhone, iPad and Mac sales globally, Apple's revenue dropped for the first time since 2003 as the tech giant released earning reports for the second quarter of the fiscal year 2016 in March.

The company on April 27 posted a quarterly revenue of $50.6 billion and quarterly net income of $10.5 billion ($1.90 per diluted share), compared to revenue of $58 billion and net income of $13.6 billion ($2.33 per diluted share) in the year-ago quarter, the company said in a statement.

The revenue was down in both Americas and China -- Apple's two biggest territories. It declined around 10 percent in the Americas and a 26 percent drop in China.

According to reports, the company is looking for new growth markets after its sales declined.

--IANS

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