Tim Cook Says Dire Predictions About Apple's Future are a 'Huge Overreaction' [Video]

Tim Cook Says Dire Predictions About Apple's Future are a 'Huge Overreaction' [Video]

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Apple CEO Tim Cook appeared on CNBC's 'Mad Money' with Jim Cramer today addressing concerns about the company's stock following its first down quarter in 13 years.

When asked to comment on media reports that Apple is dead. Cook replied, "I think that's a huge overreaction."

Look, we just had actually an incredible quarter by absolute standards. $50 billion plus in revenues and $10 billion in profits. To put that in perspective, the $10 billion is more than any other company makes. So it was a pretty good quarter, but not up to the street's expectations, clearly.

Tim Cook Says Dire Predictions About Apple's Future are a 'Huge Overreaction' [Video]

Cook says that people are upgrading at a lower rate this year as compared to the abnormally high upgrade rate to the iPhone 6, which affected sales. As expected, he sees tremendous potential in emerging markets such as China and India. However, Cook also notes that smartphone penetration is just at 40% and there is plenty of room for growth.

It turns out that people in every country in the world there's a segment of buyer that wants the best product and the best experience and that's what we're about providing.

Cook also points out that the number of switchers was the largest ever in the last six months. In China switchers were up 40% from the first half of last year to the first half of this year. That is seen as a signal that the market doesn't need to grow that much for Apple to see future growth as it could see growth at the expense of Android.

You can watch both parts of Cook's interview below!

clown - May 3, 2016 at 2:49pm
You sell a ipda pro 12.9 for 1200 bucks. Two months a latter a more equipped ipad with better features that should have been on the other one. Refuse to allow hey siri, when the components on the 12.9 support the features , rea cheap ..
clown - May 3, 2016 at 2:47pm
Many to want to a jail broken phone even if it 10-15%. That is alot of phones sold. You close sighing windows so you can not jail break.
Nope. - May 3, 2016 at 5:04pm
It's nowhere near 10-15%. The vast majority of people have no interest in jailbreaking and wouldn't know how anyway. I used to jailbreak until Apple started selling unlocked phones. Now I'd rather maintain my iPhone's security by always being up to date on the firmware than tweak it a bit. But that's just me.
Nitemare - May 3, 2016 at 2:35pm
Apple pay doesn't even work in Wal-Mart. Useless
Well... - May 3, 2016 at 5:02pm
It's not that it doesn't work, it's blocked by Walmart.
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