FLASH: Apple gambling on new products to ‘Blow fans away”
Apple’s (NASDAQ:AAPL) CEO Tim Cook said he has ‘never been more optimistic’ about where the company is today and where it’s heading. In a pep talk to investors.
CEO Cook said the iPhone maker is “planting seeds” and “rolling the dice” on future products that will just “blow you away.”
Speaking at the company’s annual general meeting in Cupertino, California, Mr. Cook reiterated that the iPhone maker is still on track to 2X revenue from services in Y 2020 from the nearly $25-B in Y 2016.
He said the goal is to lower the price on the $1,200 MacBook Air laptop with a higher-resolution screen and said there’s a “long, great roadmap of fantastic” products related to the Apple Watch and AirPods. He indicated that more health features would come to the smartwatch.
Apple shares (AAPL) rose more than 1% in afternoon trading Friday in New York.
Investors are waiting for Apple to come up with a next big thing as demand for its best-selling product, the iPhone, slows, leading to the company’s 1st holiday-Quarter sales decline since Y 2001.
The company is focusing on a growing services businesses and rising sales of other devices like the Watch and AirPods. Cook noted that Apple bought 18 companies in Y 2018 and is constantly on the lookout for more acquisitions.
The CEO also fielded questions from investors about privacy, diversity and politics.
At Apple’s recommendation, shareholders rejected a proposal to disclose the ideology of board nominees. Those in favor of the proposal indicated their desire for Apple’s board to have a more diverse set of political opinions, and one shareholder said the board needs more shareholder input.
Shareholders rejected a proposal to give wider access to nominate board members.
The entire board, which includes Mr. Cook, Al Gore and Walt Disney Co. CEO Bob Iger, was re-elected.
Heffx-LTN’s overall technical outlook for AAPL is Neutral with a Bullish bias in here. The stock is nearly $60 off its October 2018 highs in Bear territory
Have a terrific weekend
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