Apple CEO Tim Cook spoke with CNBC‘s Jim Cramer on Mad Money Monday evening. He was no doubt appearing on air to address some of the concerns investors had following Apple’s earnings release last week. While Apple had a great quarter falling in line with its own guidance and delivering $10 billion in profits, it still posted its first year-over-year revenue decline since 2003. There’s palpable concern Apple is losing its magic. Tim Cook says that’s not so.
“We have great innovation in the pipeline, like new iPhones that will incent you and other people that have iPhones today to upgrade to new iPhones,” Cook said on the show. “We are going to give you things that you can’t live without, that you just don’t even know you need today. You will look back and wonder ‘how did I live without this?” That’s one of Steve Jobs’ old mantras – that Apple was always building products that consumers didn’t know they needed yet. It was mostly true for products like the iPod, iPad and iPhone, but what will be the next such product?
Cook suggests that the next iPhone, the iPhone 7, will be well worth the upgrade. This contrasts with recent rumors that it may not be much of a boost from the iPhone 6s and iPhone 6s Plus, and that Apple’s really big upgrade may be reserved for 2017. Maybe there’s something to be excited about after all.