Last week, Apple published its latest earnings report, revealing details of a tough quarter for the company. Sales revenue dropped by 13% year-over-year, while net income was down by 23% over the same period. Mac sales fell by 12%, iPad sales by 19%, and for the first time in its history, iPhone sales dropped too, by 16%.
Given the extent to which Apple profits depend on iPhone sales, it’s no great surprise that this turn of events has unsettled investors, prompting the longest losing streak for its share price for 18 years, with eight consecutive days of decline.
Faced with such turbulent times, Apple CEO Tim Cook appeared on CNBC"s Mad Money to speak with Jim Cramer, and assure both investors and customers that there"s still plenty to look forward to from the company.
As Tech Insider notes, Cook said that Apple is "incredibly excited about things we are working on", although he didn"t go into any great detail on that, pointing out that "as a company, we are fairly secretive".
But significantly, he hinted at some exciting prospects for Apple"s next-gen handsets:
We have great innovation in the pipeline, like new iPhones that will incent you and other people that have iPhones today to upgrade to new iPhones.
We are going to give you things that you can"t live without, that you just don"t know that you need today.
That has always been the objective of Apple - to do things that really enrich people"s lives, that you look back on, and you wonder, "how did I live without this?"
While Cook"s comments were no doubt coated in a thick layer of hyperbole, he does at least seem to be alluding to some more substantial improvements coming with the next iPhones than just a faster processor or an upgraded camera.
We"ll have to wait and see just what Apple has in store - but for now, you can watch the full interview below:
Source: Tech Insider