Apple Boss Tim Cook Preaches Patience to Shareholders
Apple's share price has fallen all the way to $444.57, dropping the company's market capitalization to $417.48 billion -- ouch! Supply issues and intense competition from the Android camp, particularly Samsung, has given investors cold feet when it comes to Apple, especially now that we're truly in the post-Steve Jobs era.
Current CEO Tim Cook isn't blissfully unaware of Apple's sagging stock price or the lack of investor confidence, and he addressed both in a recent meeting with shareholders.
"I don't like it either. The board doesn't like it. The management team doesn't like it," Cook told investors, according to Reuters. "We we are focused on is the long term. This has always been a secret of Apple."
Cook says that by focusing on the long term, revenue and profit will follow. The challenge for investors, however, is trusting in Apple to duplicate its past success. It's fair to say that Android has caught up with Apple in the smartphone and tablet markets, so what comes next? There have been rumors of an Apple brand TV and, more recently, a smart iWatch, but can either one turn Apple's fortunes around? Just like Apple's investors, we'll have to be patient to find out.