Tim Cook Notes Concern Over Apple Stock Price; Is There Room for Growth?
Apple shareholders aren’t the only ones concerned about the company’s recent earnings report. Apple Chief Executive Tim Cook expressed his consternation over the tech giant’s stock drop at the company’s annual shareholder meeting on Wednesday morning.
“I don’t like it either,” Cook said. “Nor does the board and management.”
But that answer won’t cut it. Shares have plummeted about 35 percent from its 2012 peak in September. And many investors are uneasy about Apple keeping pace with the likes of its top competitor Samsung.
Fortunately, Cook may have something up his sleeve. Most recently, the rumor mill has churned out reports on an inexpensive iPhone that could be sold contract-free in China and other developing countries to compete with Samsung.
And it doesn’t just stop there.
Cook also hinted that Apple will be looking to move into other areas of the marketplace. While he didn’t offer specific details, it has been no secret that the Cupertino-based company will roll out a television set in the next year. In an interview with Brian Williams of NBC, Cook noted that current television sets are embarrassingly outdated and that he feels like he’s “gone backwards in time by 20 to 30 years.” Since then, Apple has upgraded its stance on a TV set-top box from just a “hobby” to something of “intense interest.”
Apple has also been working on new wearable technology. Last week, the company revealed its patent application for a curved-glass display, otherwise hinting at a new Apple “smartwatch.” A recent report mentioned that the company is building a 100-person team to include marketing, hardware and software personnel who have previous experience working on the iPad and iPhone for the new technology.
So, while many Apple shareholders are discontent with the recent state of the company, it seems there is plenty of upside down the road. It just may take some time.
image credit: arstechnica.com