Tim Cook: Apple working on ‘some really great stuff’ in new product categories

By , Feb 7, 2014

tim cook

“There will be new categories,” Tim Cook told The Wall Street Journal in an interview regarding Apple’s recent buyback of more than $14 billion in stock. “We’re not ready to talk about it, but we’re working on some really great stuff.”

Now, Cook has alluded to Apple getting into new product categories before. But speaking with the Journal, the CEO seems more intent than ever on convincing worried investors that his company has some major things in the pipeline…

The Journal’s Daisuke Wakabayashi reports:

“Thursday, Mr. Cook reiterated that Apple plans to enter a new category this year. Apple watchers are speculating about wearable devices or a new television platform.

“There will be new categories. We’re not ready to talk about it, but we’re working on some really great stuff,” Mr. Cook said. When asked whether a new product category could mean an improvement on an existing product like an iPad Air, a lighter version of its tablet computer, or new services such as mobile payments, Mr. Cook declined to comment.

He said that anyone “reasonable” would consider what Apple is working on as new categories.”

Cook also wanted to make it clear that Apple remains a “growth company”—something investors have repeatedly questioned over the last year as the iPad maker’s revenue growth has dropped to less than 10%, and its net income to 11%.

“He said his statement that Apple doesn’t aim to make the most phones has been misunderstood.

“I don’t view that as being satisfied with being small or however you want to define it,” he said. “I just want to say that the macro thing for us is making a great product and we must do that. If we can’t do that, we’re not going to force ourselves to hit a price point that makes us produce a product that we’re not proud of because we lose who we are in that. We’re not going to do that.” 

And finally, the CEO talked about acquisitions, another hot topic with investors who feel Apple’s $160 billion cash pile is burning a hole in the company’s pocket. Historically, Apple hasn’t made big acquisitions, but it’s not out of the question.

“The Apple CEO said its history of opting for smaller deals doesn’t mean that the company won’t pull the trigger on a big acquisition if it makes sense.

“We’ve looked at big companies,” said Mr. Cook. “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.” 

I recommend checking out the entire interview, as Cook seems more candid than his usual self. It almost comes off as a bit of a defensive PR move, which would make sense after Apple’s stock dropped more than 8% following its Q1 earnings.

Apple seems to be fighting the perception that its best days are behind it, but there’s only so much words can do without action. I for one am looking forward to seeing if it can live up to its own hype this year: larger iPhone, iWatch, new Apple TV.

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  • Litchy

    You can do it Apple! 2014!

  • Yunsar

    Ok what’s this news about woz telling apple to build and android phone

    • Rowan09

      I think he was saying to build a dual OS phone because it would make no sense at all for Apple to build a Google service phone.

      • Captain Canada

        The iPhone is already a Google services phone

      • Rowan09

        How exactly? No Google maps (pre-installed), no YouTube (pre-installed), Siri now uses Bing. If you’re saying having access to Google service makes it a Google service phone then you’re wrong.

      • Captain Canada

        If you want your iPhone to be useful in any way then you have just about every Apple app replaced with the Google version.

      • Rowan09

        Besides adding Google maps what other Google service do you need replacing an Apple version?

      • Guest

        Pretty sure iPhone only uses Mircosoft and Yahoo services

    • felixtaf

      Woz is an inventor… Not a businessman… That says it…

  • Bambino

    I have faith in you Timmy. Don’t let me down.

  • Jason Baroni

    I can smell sucess.

  • Rowan09

    Regardless of new categories, being expectations, etc, once you become so big there’s only so much room for growth. Apple is not a company who historically strives to be the biggest, investors are hoping they will change this model but it will not happen. Google is in a very good spot because it provides a service (search) that everyone uses. Personally Google doesn’t always give the best search inquiries, but they are the most popular and perceived as the best. Apples stock will always continue to fluctuate no matter what they do because investors has unrealistic demands at times.

    • mav3rick

      More like $400. Sitting on huge pile of cash don’t translate in stock value.
      Also betting on single big overpriced product for over 50% of revenues, overpriced small accessories, no real services for users…

      • Rowan09

        I don’t think people take iTunes into account, it is a service they provide and it’s the largest digital content store.

    • Ted Forbes

      400$-600$ average

  • mav3rick

    Last year colors were invented, on plastic cases, which didn’t sell.

  • Stefano

    Television and wearable devices

  • Ted Forbes

    We’ll he said this before. He said this about Siri some time ago and Siri is still without much use.

    • Rowan09

      If you compare Siri to voice control it is a huge improvement, it’s just that people don’t really use voice assistants much

  • Rick Kreuk

    Wow… So iOS 6 is coming back after all! Thanks Tim!

    • Zod

      where in the world did you get that from

      • Rick Kreuk

        Tim Cook is constantly saying great things will come in 2014. As iOS 6 was so great, it might make a comeback (I hope).

      • Zod

        lol I wish

  • max

    option to do whatever we want with our devices please

  • Hussyn18

    i think the new product is a camera and i hope this is right