'New product categories' ahead for Apple, says CEO Tim Cook
Apple's CEO Tim Cook has revealed the Cupertino company is working on new product categories to launch in future.
Apple has some new goodies up its sleeve, and they're going to be completely new types of gadgets, CEO Tim Cook has said. In an interview with The Wall Street Journal, the Cookie monster said: "There will be new categories. We're not ready to talk about it, but we're working on some really great stuff."
But then it is worth remembering Cook said almost exactly the same thing at this time last year.
Cook was speaking to announce a $14 billion buyback on shares in an attempt to calm its shareholders' nerves. Apple's shares plummeted by 8 per cent last week when the company announced its quarterly results. Cook is obviously keen to big up Apple's forthcoming innovations without actually revealing what they are, but it's confirmation for Apple fans that the firm will be expanding into new product categories.
Cook said the share buyback showed his confidence in Apple: "It means that we are betting on Apple," he said. "It means that we are really confident on what we are doing and what we plan to do. We're not just saying that. We're showing that with our actions."
He added that the Cupertino company would be prepared to pay top dollar to snap up any firm it thought it could use. "We've looked at big companies," he said. "We have no problem spending 10 figures for the right company, for the right fit that's in the best interest of Apple in the long-term. None. Zero."
He said Apple had bought 21 companies recently, and that he wanted it to be "aggressive" while still having enough cash in the bank for possible purchases.
Cook also took the opportunity to lay into arch rival Google. He said he "wasn't surprised" it sold Motorola to Lenovo, adding that Motorola was something Google "wasn't committed to".