Apple is having a moment. With the company’s latest quarterly earnings report, it smashed previous records. And divisions like Services and iPhone saw huge profit gains. So the idea of branching out to new product types if probably, certainly, on the company’s roadmap.
But during today’s follow-up conference call regarding the latest earnings report, Tim Cook fielded a question regarding potential new markets. Specifically, how Apple considers new product opportunities, and whether or not to jump in.
This isn’t where I tell you Cook confirmed that Apple’s jumping into a variety of new markets with Apple, and we can expect to see the oft-rumored Apple Car next week. No, Cook didn’t provide any details, per se, but he did offer a bit of enlightenment on how considerations are weighed for a potential expansion.
The framework that we use is around ‘Is this a product that we would want to use’? That’s a pretty high bar. Is it a big enough market to be in? Unless it’s an adjacency product, then it’s about customer experience.
Cook went on to say that there isn’t a specific formula the company uses. However, it weighs all of those individual elements and goes from there.
The chief executive didn’t want to count out what the company already has, too. Especially when they are doing so well for the company:
We feel that we have really good upside there and good upside in the services area too, which we’ve been working on for some time with coming online in the last year to year plus.