This news hitting the national headlines in the UK makes you realise what a force Apple is and what an unlikely event this is for them. The company has seen their first year on year quarterly profits drop in a decade.
Though figures for each individual product sale has grown and grown, new products including the iPhone 5 and iPad Mini carry less of a profit margin for the company compared to other products in the line up and therefore overall profits are down.
CEO of Apple Inc Tim Cook and CFO Peter Oppenheimer were both taking part in the quarterly results phone call to investors to give them the news. Oppenheimer was clearly stressing that Apple see the long term health and performance of the company as a higher aim and target than individual quarterly results. He also added that the launch of the first iPod saw apple in the same situation where quarterly profits were down, yet the company innovated the iTunes offering in the same period which allowed them to increase further profits exponentially. Cook added that figures are difficult to judge this year as sales and figures last year were so high.
The important numbers from the call yesterday;
• 11.8 million iPads were sold this quarter a year ago, 19.5 million sold this quarter, a huge increase for the company and more than Apple sold over the holiday quarter in 2012.
• 35.1 million iPhones were sold this quarter a year ago, with 37.4 million sold this quarter. The small overall increase offset against the increased costs for the product have leant towards the profit drop.
With the share price already on a decrease for Apple the company are trying to install confidence back in their investors. Are they busy innovating something like iTunes ready to change the way we think about a product? I hope so.Tags: aapl inc, apple earnings, apple q1 earnings report, apple quarterly earnings, peter oppenheimer, Tim Cook
Tim Cook was awarded the highest rated CEO title according to a report produced by employee ratings on Glassdoor, but he has been knocked off his top spot for 2013 by Facebook CEO Mark Zuckerberg.
Cook received the accolade in 2012 with a 97% approval rating, but the 93% he has received in 2013 has seen him drop from the top spot down to position 18. Zuckerberg’s rating has jumped to see him hold the top spot with a huge 99% approval rating.
Steve Jobs the previous CEO of Apple Inc. only received ratings of 95% from employees and so was hugely taken over by Tim Cook last year. Suggestions have indicated that perhaps Cook’s “honeymoon period” at Apple is now over, though he has introduced some great schemes for employees since he has been at the company including greater product discounts for staff and charitable contribution matching which are bound to have made him more popular with employees of the company.
This therefore leads that the dropping in ranking may not have been necessarily because of Cook’s downfalls, but more to other companies and other CEO’s exponentially increasing their ranking and position.
Tags: Apple CEO, apple ceo tim cook, ceo ratings from companies, Steve Jobs, Tim Cook
Tim Cook revealed some interesting insights into Apple Inc yesterday speaking at the opening of the Goldman Sachs conference. The CEO of Apple only gave away as much information as he intended to of course, but with open questioning from the audience his responses to some of the questions have got Apple fans excited again!
Where the iPad is concerned, Tim Cook proudly spoke of everything the iPad has achieved across the small number of years since release. The iPad has allowed Apple to make waves into many other markets and lead where others are rapidly trying to follow. When asked whether the iPad has cannibalised the Mac line up Tim Cook responded with confidence, “If we don’t cannibalise, someone else will” was his response. With sales of Mac computers seeing a fall of 17% with the last quarters results, it is clear that there is some degradation happening. He also added, “we don’t really think about it that much”. Last year saw more iPads sold than HP sold of their entire line up of products, which clearly shows that Apple aren’t the company who should be worried about their other products being cannibalised by the iPad.
Cook also added interesting insight to Apple buyers, stating that over 50% of people in countries like China and Brazil who were buying an iPad didn’t already own an Apple product. And Apple know that once a household or person have one Apple product in their life, it opens the door and they usually buy more. If the iPad is giving Apple the open door into people’s homes and lifestyles, it certainly can’t be cannibalising Apple itself, just some of the product line up.Tags: Apple CEO, Apple Inc, Apple product line up, goldman sachs conference, iPad, Tim Cook, tim cook goldman sachs
Investors know that Steve Jobs hasn’t been at the operating helm of the company for a while and since his medical leave of absence in 2009, Tim Cook has already been the interim CEO for the tech-giant. Steve has always been an integral part of the product launches and it is evident his fingerprints are on every Apple product launched, and even since his resignation I don’t expect this to change too much.
It is nice to see the stocks returning to their peak (or near peak), which reflects the investors and the market’s confidence in Tim Cook as CEO of the company.
Surely with the impending launch of iPhone 5 stocks are only going to go one way now?Tags: Apple News, Apple Stocks, Steve Jobs, Tim Cook
This is the question on a lot of people’s lips over the last few days. The icon Steve Jobs has stepped down, and Tim Cook is now set as his replacement. What a lot of people don’t know is that since Steve Jobs has been taking extended medical leave, Tim has been at the helm of Apple for the past year.
Tim Cook started off at IBM, with his dedication to the company and the business meaning Tim often worked over the Christmas and New year holidays to meet orders. After moving through more computer companies he was poached by Steve Jobs in 1998 and became Senior Vice President of Worldwide Operations.
The Apple supply chain is now remarkably different to 10-15 years ago, and that largly thanks to Tim. The company now “partners” major manufacturers rather than keeping the manufacturing in house, and heavy investment into the manufacturers keeps them loyal. Apple create revolutionary products, and because the manufacturing chain and suppliers are effectively “locked” into Apple no competitor can create or copy the technology (many try, none succeed quite like Apple do).
We know Apple will be safe with Tim Cook, and with Steve Jobs DNA still at the heart of the company we are sure they can still succeed. And after the initial drop in the stock market, it looks like they believe Tim can succeed too with the shares now starting to recover.
Now Tim will be at the helm of Apple for the launch of the new devices, so we are looking forward to seeing Tim launch the iPhone 5 this year, and the iPad 3 next year.Tags: Apple CEO, Apple Directors, Apple News, Steve Jobs, Tim Cook
I’m sure every Apple fan is saddened at the news. But, in being an Apple fan I am also a fan of Steve Jobs, and his work, and the revolutionary designs that he has helped Apple create. We know that Steve’s fingerprints are on every Apple product that is on the market today. He built the company back up from its near ruin piece by piece and has seen it become the most valuable company in the world. What a fitting note to end your reign on.
Tim Cook who was the COO of Apple will now become CEO. It is understood that he has been the acting CEO of Apple for some time whilst Steve has been on sick leave. If Steve thinks he can do the job, we must believe in him too. Unfortunately the stock markets don’t believe so and Apple stocks have seen a considerable overnight drop, lets hope that they come back up soon with the release of a new device…
There are many fitting tributes to Steve in the Apple Forums, some commenting and hoping that his ill health has not forced him to make this decision. If it has, lets hope that the potentially less demanding role will give Steve the much needed rest and relaxation to get better.
He will be missed.Tags: Apple CEO, Apple Stocks, COO of Apple, Steve Jobs, Steve Jobs Resigns, Tim Cook
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