Apple CEO Tim Cook appeared yesterday on Jim Cramer’s Mad Money show and said all the “Apple is doomed” talk after a disappointing second fiscal quarter is way overblown.
"I think that is a huge over reaction look we just had actually an incredible quarter by absolute standards," said Cook during an appearance on Jim Cramer's Mad Money. "What we’re seeing is that people are upgrading at a different rate a lower rate than they did last year but still higher than the year before ... the satisfaction has never been higher and the loyalty rates have never been higher.”
Cook also said that the recent Chinese sales pressures won't last and that India is a very bright market. He also defended Apple Watch sales (without mentioning what they were).
“If you look at the iPod, iPod wasn’t viewed as a success [when it first launched], but today it’s viewed as an overnight success,” Cook said. “... I think that in a few years we will look back and people will say, ‘How could I have ever thought about not wearing this watch?’ Because it’s doing so much for you. And then it will suddenly be an overnight success.”
He also pooh-poohed claims that the company can no longer innovate. Cook said that Apple has “great innovation in the pipeline” and new iPhones that will incentivize everyone to upgrade. “We are going to give you things that you can’t live without that you just don’t know you need today,” he said.