Apple’s stock took a massive plunge, shortly after announcing the quarterly report. Investors panicked, analysts reconsidered their estimates for the company’s financial future, whereas everybody is second-guessing Tim Cook’s performance as Apple CEO. In a recent meeting with the company’s employees, Tim Cook said Apple is interested in the “mother of all opportunities” not just delivering the motherload of quarterly earnings.
Last Thursday, Apple’s stock took the biggest daily plunge in four years causing a bit of a panic among investors and analysts. On Monday, the Apple stock decline continued, as shares traded at about $400, down 30 percent from September 2012’s $705 price per share. Tim Cook addressed the issue last week, but it wasn’t until this weekend that the details of his meeting with the company’s employees surfaced.
“Apple just had the best quarter of any technology company ever. The only companies that report better quarters pump oil” Tim Cook reportedly told his employees after Wednesday’s report had investors complaining earnings are disappointing. “I do not know about you all, but I do not want to work for those companies” Tim Cook apparently told his employees referring to Exxon, the company that took Apple’s status as the world’s most valuable company.
“On iPad in particular, we have the mother of all opportunities here, because the Windows market is much, much larger than the Mac market is” the Apple CEO said. “And I think it is clear that it’s already cannibalizing some, and I think there’s a tremendous amount of more opportunity there and as you know I’ve said for two or three years now that I believe the tablet market will be larger than the PC market at some point, and I still believe that”.
What is important for the company isn’t necessarily delivering the biggest revenues. “The most important thing to Apple is to make the best products in the world that enrich customers’ lives. That’s our high order bit” Tim Cook said last week during the first-quarter earnings call. “That means we aren’t interested in revenue for revenue’s sake. We can put the Apple brand on a lot of things and sell a lot more stuff, but that’s not what we’re here for. We want to make only the best products” he added.