CEO admits Apple is 'looking at new categories' for potential products
While some investors are worried about recent stock losses, Apple remains focused on the long term, and is exploring new potential product categories, CEO Tim Cook revealed on Wednesday.
While investors have sent Apple's stock on a nosedive since late 2012, Cook said at his company's annual shareholder meeting on Wednesday that he believes it's been "an incredible year of innovation." He noted that Apple grew by about $48 billion in fiscal 2012, which was more than Google, Microsoft, Dell, HP and Research in Motion (now known as BlackBerry) combined.
Cook also hinted that his company could go in new directions in the future, but unsurprisingly offered no specific details about what his company could be working on.
"Obviously we're looking a new categories," Cook told shareholders. "We don't talk about them, but we're looking at them."
One rumored product that could be in Apple's future is a television set, which is said to have been in development at the company's Cupertino, Calif., headquarters for years. Currently, Apple's living room presence is represented by the Apple TV set-top box ??a product that has famously been referred to as a "hobby," but was recently upgraded to something of "intense interest."
Cook even publicly hinted in an interview last year that his company may have big plans for the living room. Speaking with Brian Williams of NBC, Cook said current television sets make him feel like he's "gone backwards in time by 20 to 30 years."
Artist's rendition of purported Apple smartwatch. | Source: Yrving Torrealba
More recently, rumors have suggested Apple could also be working on wearable technology in the form of a watch accessory. Last week AppleInsider detailed a patent application that revealed Apple's behind-the-scenes interest in such a product, which could feature a curved-glass display.
One report from earlier this month claimed that Apple has a 100-person team working on a so-called "smartwatch." The team is said to have grown over the last year to include marketing, software and hardware personnel who previously worked on the iPhone and iPad.
While investors have sent Apple's stock on a nosedive since late 2012, Cook said at his company's annual shareholder meeting on Wednesday that he believes it's been "an incredible year of innovation." He noted that Apple grew by about $48 billion in fiscal 2012, which was more than Google, Microsoft, Dell, HP and Research in Motion (now known as BlackBerry) combined.
Cook also hinted that his company could go in new directions in the future, but unsurprisingly offered no specific details about what his company could be working on.
"Obviously we're looking a new categories," Cook told shareholders. "We don't talk about them, but we're looking at them."
One rumored product that could be in Apple's future is a television set, which is said to have been in development at the company's Cupertino, Calif., headquarters for years. Currently, Apple's living room presence is represented by the Apple TV set-top box ??a product that has famously been referred to as a "hobby," but was recently upgraded to something of "intense interest."
Cook even publicly hinted in an interview last year that his company may have big plans for the living room. Speaking with Brian Williams of NBC, Cook said current television sets make him feel like he's "gone backwards in time by 20 to 30 years."
Artist's rendition of purported Apple smartwatch. | Source: Yrving TorrealbaMore recently, rumors have suggested Apple could also be working on wearable technology in the form of a watch accessory. Last week AppleInsider detailed a patent application that revealed Apple's behind-the-scenes interest in such a product, which could feature a curved-glass display.
One report from earlier this month claimed that Apple has a 100-person team working on a so-called "smartwatch." The team is said to have grown over the last year to include marketing, software and hardware personnel who previously worked on the iPhone and iPad.
Comments
Originally Posted by AppleInsider
"Obviously we're looking a new categories," Cook told shareholders. "We don't talk about them, but we're looking at them."
I can just imagine those meetings. The entire Apple executive team sitting in a room, looking at a big projected screen with a bunch of categories on it. Jony suddenly stands up and wordlessly points at one of them, eyes wide, Cook expands the category and Jony goes and stands by one part of the expanded data like Vanna White, moving his eyebrows up and down. Mansfield then stands and does an interpretive dance explaining that it's physically impossible to make what Jony wants.
Cook gestures at him to try anyway.
And the stock tanks because Cook says they're looking at them and doesn't actually show something off on stage.
Quote:
Originally Posted by Tallest Skil
I can just imagine those meetings. The entire Apple executive team sitting in a room, looking at a big projected screen with a bunch of categories on it. Jony suddenly stands up and wordlessly points at one of them, eyes wide, Cook expands the category and Jony goes and stands by one part of the expanded data like Vanna White, moving his eyebrows up and down. Mansfield then stands and does an interpretive dance explaining that it's physically impossible to make what Jony wants.
Cook gestures at him to try anyway.
And thus begins Talkgate! Now Apple will have to issue a press release (perhaps approved by the British Royal Court of Something, just to be on the safe side) clarifying that within the walls of 1 Infinite Loop, yes "sometimes we use our words" to communicate about unannounced products.
News flash! Apple continues R&D. More at 11:00.
/s
Incredible stat, considering all the concern-trollling headlines about Apple's stalled growth, and the stock hit because of these headlines. Jesus.
Maybe. But it might take a whole lot of piracy to enable an Apple television set (and Apple's disruption of the TV industry.) And that level of piracy may not really be possible until broadband (wired) internet is more pervasive and "real 4G" is rolled out with 1Gb/sec download speeds.
Only two things can push the incumbent TV industry players over the line to work with Apple: fear and greed. The fear will come from losing profitability due to rampant piracy (like that in the music business about a decade ago) or due to serious competition from upstart independents streaming content over the internet. The greed will come into play if Apple can dangle $$$ billions in front of the big TV players' noses to lure them in.
It's a race. Fear vs. greed. Ready. Set. Go!
Is this supposed to return value to my shares? What a joke! The company is sitting on over $136B in cash and Tim Cook thinks this is the Way to return value. The stock has tanked. The company has lost billions in shareholder value. The man is delusional
Quote:
Originally Posted by ramartino
Is this supposed to return value to my shares? What a joke! The company is sitting on over $136B in cash and Tim Cook thinks this is the Way to return value. The stock has tanked. The company has lost billions in shareholder value. The man is delusional
So sell your shares and invest in a company that isn't a joke with a delusional CEO. I expect we'll survive your dumping your vast holdings onto the market.
Apparently one of their new technologies are secret buttons they can press to instantly boost their market share above everyone else.
Quote:
Originally Posted by Tallest Skil
I can just imagine those meetings. The entire Apple executive team sitting in a room, looking at a big projected screen with a bunch of categories on it. Jony suddenly stands up and wordlessly points at one of them, eyes wide, Cook expands the category and Jony goes and stands by one part of the expanded data like Vanna White, moving his eyebrows up and down. Mansfield then stands and does an interpretive dance explaining that it's physically impossible to make what Jony wants.
Cook gestures at him to try anyway.
I visualized the exact same thing when I read that statement
In my version I imagine them pulling up to secret building in their Porsches in complete silence; walking into a showroom of various technologies and just looking at them while throwing knowing glances back and forth to each other.
Apple needs to buy Tesla..... Apple could own the emerging EV market and have almost unlimited growth for the foreseeable future IMHO....
Could you image a Telas Model S or Model X with iOS integrated into it?
Quote:
Originally Posted by malax
So sell your shares and invest in a company that isn't a joke with a delusional CEO. I expect we'll survive your dumping your vast holdings onto the market.
Hear, hear! Apple never was, nor will it likely ever be a dividend cash-cow. If you're looking for that kind of instant return, AAPL is not for you. It's exactly these types of attitudes that have sent the stock "tanking" this quarter.
Originally Posted by sranger
Could you image a Telas Model S or Model X with iOS integrated into it?
I can.
But I can also imagine where Apple would take Tesla beyond just "electric vehicle". They'd literally reinvent the concept of a car. Tesla's already making the right kind of changes. Apple-y changes. Imagine what the teams could do combined.
And imagine what Tesla could do with Apple's battery knowledge.
While their competitors are releasing $40,000, 180MPC cars, Tesla would be putting out a $30,000, 500MPC car.
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I'm betting he said, ``looking at new categories,'' ...
The rumor says Apple is working on a Watch... Samsung rushed development and is said to be working on a "Smart Watch"
I think Apple should plant a rumor that it is working on a spaceship.
Quote:
Originally Posted by ramartino
Is this supposed to return value to my shares? What a joke! The company is sitting on over $136B in cash and Tim Cook thinks this is the Way to return value. The stock has tanked. The company has lost billions in shareholder value. The man is delusional
then sell. no one is forcing you to invest. I got Apple in 2005 so I'm happy with a 440 price now. Don't get me wrong, I would love it at 700.
Quote:
Originally Posted by Tallest Skil
I can just imagine those meetings. The entire Apple executive team sitting in a room, looking at a big projected screen with a bunch of categories on it. Jony suddenly stands up and wordlessly points at one of them, eyes wide, Cook expands the category and Jony goes and stands by one part of the expanded data like Vanna White, moving his eyebrows up and down. Mansfield then stands and does an interpretive dance explaining that it's physically impossible to make what Jony wants.
Cook gestures at him to try anyway.
Best silent movie ever
His sale of Current TV, you mean?
Please explain. I'm looking for to hearing your explanation of this.