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Entries in Tim Cook (16)

Friday
Jan112013

Apple CEO Expects China to Overtake US as Company's Top Market

Justin Sullivan/Getty Images(BEIJING) -- Apple's CEO says he expects China to trump the U.S. and become the company's number-one market in the future.

"China is currently our second largest market.  I believe it will become our first.  I believe strongly that it will," Tim Cook told China's Xinhua News Agency on Thursday during a visit to Beijing.

Apple currently has 11 stores located throughout mainland China and Hong Kong.

"We are growing very fast.  We are continuing to invest in retail stores here and will open many more over the next several years.  We have some great sites selected, our manufacturing base is here, and we have incredible partners here.  So it's a very very important country to us," Cook said.

Copyright 2013 ABC News Radio

Thursday
Dec062012

Apple CEO Tim Cook: ‘Intense Interest’ in Improving TV

Apple(NEW YORK) -- Steve Jobs said it many times: Apple TV, the company’s small TV add-on, was a hobby. Tim Cook, Apple’s current CEO, has used the same term over the last couple of months.  But despite that, Apple TV has long been rumored to be more than a hobby — an actual HDTV or TV set with deeper features.

Now appears that the “hobby” has turned into an “intense interest” for the company. In an interview with NBC’s Brian Williams, Tim Cook has spoken a little bit more about the company’s TV plans — or at least implied that there are plans.

“When I go into my living room and turn on the TV, I feel like I have gone backwards in time by 20 to 30 years,” Cook told Williams. “It’s an area of intense interest. I can’t say more than that.”

That’s the most we’ve heard yet from Apple about its future plans for the TV space.

Cook didn’t elaborate, but perhaps Steve Jobs’ words give us the best idea of what Apple might be working on.

“The only way this is going to change is if you start from scratch, tear up the box, redesign and get it to the consumer in a way that they want to buy it,” Jobs said in 2008 at the AllThingsD conference.

And then from Walter Issacson’s biography of Jobs: “It will have the simplest user interface you could imagine. I finally cracked it.”

Copyright 2012 ABC News Radio

Friday
Oct262012

Apple CEO Tim Cook: Microsoft’s Surface Tablet ‘Confusing’ and ‘Compromised’

Joanna Stern/ABC News(NEW YORK) -- The Apple vs. Microsoft post-PC war is just getting started. Microsoft has argued why its new software and Surface tablet are better than the iPad, but Apple’s not staying quiet.

“I haven’t played with a Surface yet, but what we are reading about it is that it is a compromised and confusing product,” Apple CEO Tim Cook said on the company’s earnings call late Thursday afternoon, which took place just hours after Microsoft’s Windows 8 launch event. “One of the toughest things you do is make hard tradeoffs and decide what a product should be, and we’ve done that with the iPad.”

Cook didn’t stop there.

“You could design a car that flies and floats, but I don’t think it would do all those things very well,” he said. “I think when people look at the iPad versus competitive offerings, they will continue to want an iPad.”

Apple and Microsoft are taking different routes when it comes to tablet software. While Apple offers its iOS mobile software on its family of iPads, Microsoft has decided to revamp Windows by bringing in elements from its smartphone operating system. Previously, Cook had compared what Microsoft was doing to combining a refrigerator and a microwave.

Microsoft, on the other hand, claims Windows 8 doesn’t have any of the compromises that the iPad has.

“We have a different perspective, a different reason why we would want to make a tablet computer and that is really rooted in PCs being a general-purpose device that works within a broad ecosystem, that connects to a lot of peripherals, and represents an open platform,” Steve Sinofsky, head of the Windows division, told ABC News in an interview.

Apple announced the iPad Mini earlier this week.

On the Apple earnings call, Cook defended the $329 starting price, which is higher than the $199 Kindle Fire and the Nexus 7.

“We try to create a product that people will love for months and years after they’ve purchased it. That’s what iPad Mini is designed to do,” Cook said.

Apple CFO Peter Oppenheimer also noted the premium parts in the tablet, including the aluminum build, the faster processor and the iSight camera.

Apple announced that it sold 14 million iPads in the fourth quarter.

Find a full recap of the earnings HERE.

Copyright 2012 ABC News Radio

Friday
Aug242012

Tim Cook Marks One Year as Apple CEO

Kevork Djansezian/Getty Images(NEW YORK) -- A year ago today, Tim Cook took over for Steve Jobs as the CEO of Apple.

And what a year it has been: Apple’s stock hit an all time high, it sold a record number of products, and just this week became the most valuable company in history, though Microsoft was still more valuable in 1999 when one accounts for inflation.

Cook, who has worked at Apple for 14 years and was previously the COO, had big shoes to fill. Steve Jobs was one of the world’s most recognizable business and technology leaders.

“Tim Cook has shown so far that he can execute to Steve Jobs’s vision,” Patrick Moorhead, president of Moor Insights, told ABC News. “The true test for Cook and Apple will come as they need to move off a specific path they were on under Jobs, or get onto a new path that Jobs didn’t envision.  I can see that time coming for Apple in the next few years.”

Forrester CEO George Colony wrote something similar in April, though he had a bit less faith in Cook. “When Steve Jobs departed, he took three things with him: 1) singular charismatic leadership that bound the company together and elicited extraordinary performance from its people; 2) the ability to take big risks, and 3) an unparalleled ability to envision and design products,” Colony wrote. “Apple’s momentum will carry it for 24-48 months. But without the arrival of a new charismatic leader it will move from being a great company to being a good company….”

Still, Cook has proven himself a worthy successor this year.  Beyond company profits, he has tackled working conditions at Apple’s factories, handled intellectual property suits between Apple and its mobile competitors, and introduced new products, including the new iPad. He is also expected to take center stage at an Apple event on Sept. 12, when the company will likely introduce the long-rumored iPhone 5.

Copyright 2012 ABC News Radio

Wednesday
Jul252012

iPhone 5 Speculation Drives Apple Earnings Down

DON EMMERT/AFP/Getty Images(NEW YORK) -- Apple's third quarter earnings, released Tuesday afternoon, were below analysts' predictions.  While the quarter is usually one of the slower ones for the tech giant, Apple CEO Tim Cook and CFO Peter Oppenheimer admitted that speculation surrounding the next iPhone -- what many are calling the iPhone 5 -- has affected sales of current iPhones.

Apple said it sold 26 million iPhones, down from 35.1 million in the previous quarter.  Presumably, people put off purchases of phones, waiting for a newer model.

"We're reading the same speculation about a new iPhone as you are, and we think this has caused some delay in purchasing," Oppenheimer said.

The CFO was referring to the flood of rumors about the next iPhone, including the ones that say the next version will have a larger and thinner display, a new dock connector, and a faster processor and graphics.

The topic of the rumors came up numerous times on the earnings call with analysts.  But no matter how hard analysts pushed, Cook and Oppenheimer would not talk about their product plans for the remainder of the year.

Oppenheimer added later in the call, "The fall transition is driving most of the decline in gross margin, it's not something we are going to talk about in any level of detail."

When Cook was asked about a new feature of iOS 6 called Passbook, which puts all tickets or coupons into one app, he wouldn't elaborate on what Apple might do down the road.

"We try very hard to keep our product roadmap secret and confidential.  We go to extreme activities to try and do that," Cook said.  "That, however, doesn't stop people from speculating and wondering."

Apple is also rumored to be planning a smaller version of its iPad before the year is up, which would compete with Google's recently-announced Nexus 7.  Cook wouldn't comment on that and mentioned the $399 version of the iPad 2.

"I think most customers feel that they are not looking for a tablet, they are looking for an iPad," Cook said.  "We are going to keep innovating in the space and make new products."

Again, he wouldn't elaborate on those products, which ultimately hit the company's bottom line this past quarter, but he was clear about how Apple intends to keep making those products.

"Our North Star is to maniacally focus on making the world's best products," Cook said.  He repeated that word "maniacally" twice during the call.

Copyright 2012 ABC News Radio

Wednesday
May302012

Siri, Facebook Improvements Coming to iPhone, Says Apple CEO

Joanna Stern/ABC News(LOS ANGELES) -- Apple CEO Tim Cook didn’t only speak about how he’d like to see an iPhone made in the U.S. at the All Things D conference -- he also spoke about some future product plans, which include an improved Siri and Facebook experience for the iPhone.

Cook didn’t detail the future Facebook plans for the iPhone, but in response to a question about why the world’s largest social networking platform isn’t integrated into the smartphone like Twitter, he announced that people should “stay tuned.”  Cook also hinted at a deeper partnership between Facebook and Apple several times throughout the hour interview.

“Facebook has hundreds of millions of customers.  Anyone with an iPhone or iPad, we want them to have the best experience on those.  So, stay tuned,” he commented.

When asked by ABC News about what happened to Apple’s Ping music social network, Cook also shed light on just how Apple sees the broader social space.

“Apple doesn’t have to own a social network, if that’s the heart of your question,” Cook responded.  “Does Apple have to be social?  Yes.  The ways we do that today, you see Twitter into iOS, and you’ll see it in the Mac with Mountain Lion.  Some people see iMessage as social, and it’s an elegant solution.  You’ll see more things like that in the future.”

And that’s not all that’s coming in the future.  Cook also revealed that Siri will be getting an update, one that makes the digital assistant a bit smarter.

“Customers love it.  It is one of the most popular features on the iPhone 4S,” Cook said.  “But, there’s more that it can do.  We have a lot of people working on this.  I think you’ll be really pleased with what you see in the coming months on this.”

Apple is expected to demonstrate the features in its next version of iOS at its World Wide Developer’s Conference in June.  Cook would not comment on any of the iPhone 5 rumors at the conference.

Copyright 2012 ABC News Radio

Tuesday
May292012

Apple Products Made in the USA?

David Paul Morris/Bloomberg via Getty Images(LOS ANGELES, Calif.) -- “Designed by Apple in Cupertino, Assembled in China.” That’s what it says on the back of the iPhone right now.

But Tim Cook wishes it could say “Assembled in the United States.”

Speaking at the All Things D conference in Los Angeles, the Apple CEO said, “I want there to be a product made in the United States.” Cook was responding to a question by interviewer Walt Mossberg about the issues Apple faces with manufacturing overseas and why it doesn’t attempt to make an iPhone in the United States.

Cook highlighted the issues with manufacturing in the United States -- cost and facilities -- but also noted that parts of the iPhone are made in Apple’s home country. “The glass on your iPhone is made in a plant in Kentucky,” Cook said on stage. Additionally, he said that “the engine for the iPad and iPhone are built in the U.S. in Austin.”

Apple has faced criticism about working conditions at its Foxconn factory in China. ABC News’ Nightline exclusively reported on those conditions in February.  In March, Foxconn and Apple agreed to improve the conditions, including worker pay and hours, after the Fair Labor Association made a series of recommendations.

Cook detailed the challenges with manufacturing in the United States, including the lack of processor production in the country. Still, when asked if one day it might say “assembled in the United States" on an iPhone, he responded by saying, “It may, it may. But you could put down there several parts are made in the United States.”

Copyright 2012 ABC News Radio

Friday
May252012

Apple CEO Tim Cook to Forgo $75 Million in Dividends

David Paul Morris/Bloomberg via Getty Images(WASHINGTON) -- Apple CEO Tim Cook is offering a $2.65 per share stock dividend to all company employees while forgoing his own shares — a move that will likely cost him $75 million, according to the company’s filings with the Securities and Exchange Commission.

“At Mr. Cook’s request, none of his restricted stock units will participate in dividend equivalents,” says the company’s 8-K form filed with the SEC.

Cook was offered 1 million shares back in January for serving as interim CEO after his predecessor, the late Steve Jobs, was forced by illness to hand over control of the company.

Apple announced in March a plan to spend $45 billion on dividends and share repurchasing.  It was the first time that Apple offered a dividend. Jobs famously refused to offer them when he was CEO.

Cook assumed the role of Apple CEO in August 2011 after Jobs' death in October.

Apple’s stock passed $600 a share in April and many analysts expect the stock to go even higher despite a recent decline.  Today the price hovered above $560 per share.

The company will likely incur increased costs due to a plan increase spending at the Chinese manufacturing company Foxconn.  The Fair Labor Association reported, with Apple’s cooperation, that workers there, assembling iPhones, iPads and other consumer electronics, were often underpaid and made to work excessive overtime.

Copyright 2012 ABC News Radio

Tuesday
Apr242012

Tim Cook on Windows 8: Converging a ‘Toaster and a Refrigerator’

David Paul Morris/Bloomberg via Getty Images(NEW YORK) -- If you had any concerns that Apple CEO Tim Cook might not be able to provide Steve Jobs-like one-liners on earnings calls, think again. Following the announcement of its blowout earnings, Tim Cook took questions from analysts on everything from iPhone sales to Apple’s iPad and laptop offerings.

And it was on that last point that Cook had a lot to say. When asked if Apple was planning to merge its tablet and laptop products, much as Microsoft is proceeding with Windows 8, Cook responded with a quip: “You can converge a toaster and a refrigerator, but those aren’t going to be pleasing to the user.”

Cook elaborated that converging the iPad with a laptop would result in tradeoffs, ones Apple isn’t willing to make. “We are not going to that party, but others might from a defensive point of view.”

On top of that, Cook highlighted both Apple’s separate tablet and laptop offerings. “The tablet market is going to be huge....As the ecosystem gets better and better and we continue to double down on making great products, I think the limit here is nowhere in sight,” Cook said.

“I also believe there is a good market for the Macbook Air and we continue to innovate in that product. I think it appeals to someone who has different requirements. You wouldn’t want to put these things together.”

Copyright 2012 ABC News Radio

Monday
Mar192012

What Will Apple Do With $97.6 Billion Surplus?

Chris Ratcliffe/Bloomberg via Getty ImagesUPDATE: Apple announced Monday morning that it will initiate a quarterly dividend of $2.65 per share sometime in the fourth quarter of 2012, as well as a $10 billion share repurchase program in its fiscal year 2013.

In a statement, Apple CEO Tim Cook said, "We have used some of our cash to make great investments in our business through increased research and development, acquisitions, new retail store openings, strategic prepayments and capital expenditures in our supply chain, and building out our infrastructure.  You’ll see more of all of these in the future.  Even with these investments, we can maintain a war chest for strategic opportunities and have plenty of cash to run our business.  So we are going to initiate a dividend and share repurchase program."

The company's CFO, Peter Oppenheimer, added, "Combining dividends, share repurchases, and cash used to net-share-settle vesting RSUs, we anticipate utilizing approximately $45 billion of domestic cash in the first three years of our programs."

(CUPERTINO, Calif.) -- With nearly $100 billion in extra cash sitting around, will Apple use the surplus to pay its shareholders some kind of dividend?

That's the question on many people's minds Monday as the company prepares to hold a conference call at 9 a.m. ET.

Apple CEO Tim Cook and CFO Peter Oppenheimer are expected to announce what the company will do with the $97.6 billion in cash and securities it had accumulated by the end of 2011.

Should the company reward its investors with a dividend, it would mark the first time Apple has done so since 1995.

Copyright 2012 ABC News Radio







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