Apple chief executive Tim Cook has promised the company has “great stuff” on the way, seeking to reassure shareholders over falling share prices.
He declined to offer additional details, but did hint at a diversification from Apple’s current product catalogue. The company is rumoured to be working on an iWatch for launch later this year.
“The company is working as hard as ever, and we have some great stuff coming,” Cook told shareholders during Apple’s annual meeting at its California headquarters.
Apple’s share price has been falling recently. Since an all-time high of US$705.07 five months ago, the price has fallen by 37 per cent. Cook said he was as unhappy as the shareholders were with the downturn in price.
“I don’t like it, either,” he said. Cook owns 1.1 million Apple shares, which have declined in value by around US$300 million in the last five months.
The chief executive added Apple remained committed to innovation, which was the company’s “North Star” and “the beat of its heart”.
