The much talked about Apple shareholders meeting took place on Wednesday, February 27th during which the company’s CEO Tim Cook not only recognized but also expressed his disappointment over the poor performance of the California-based tech giant’s stock that has been declining since September last year after hitting an all time high. However, the 52 years old chief executive also made an attempt to reassure the shareholders during the meeting that in long term Apple’s future is still quite bright.
Cook addressed the concern in a reply to a question related to the Apple’s stock price. According to the transcript provided by CNBC’s Jon Frott, answering a question, Cook said that “I don’t like it either. Neither does the board or management — where the stock trades now vs a few months ago — but we’re focused on the long term.”
Apple’s share price touched a high of $705 during last September, but after the arrival of iPhone 5 the stock failed to maintain its momentum and kept tumbling down. At this point in time the shares of Apple are trading below $450. To the extent decline of Apple’s shares is concerned it happened because of different factors, which include executive shakeups in the company, supply concerns, a general view that the multinational corporation might be readying a new revolutionary product and severe competition from other tech companies especially Samsung.
In addition to this, Cook also reminded shareholders that the business of Apple has went up by $48 billion during 2012 fiscal year that is “more than Google, Microsoft, Dell, HP, RIM, Nokia combined.” The best part about the meeting was that Cook dealt with a number of concerns directly. In reply to another question related to the competition from Samsung and Android platform, Cook initially repeated his favourite line that Apple prefers to “stay very focused” on developing just “a few things” instead of playing the field.
Cook also added that he did not mean at all that his company is not aware of the severe competition and reportedly said that, “We don’t have our heads stuck up… stuck in the sand.” Apart from this, the CEO of Apple also stated that the iOS device maker is “obviously” discovering “new categories” of products, but he did not shed any light on this subject from which one could gauge the company is planning to develop smart TVs, wearable computing or any other thing, as he said, “We don’t talk about them, but we’re looking at them.”
Source: Mashable
Photo: Tech.Fortune.CNN
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