Cook doesn't like Apple's share price, but urges patience

Summary:Apple is still open to sharing its cash pile, but has given investors little insight on how it will address its falling share price.

Apple chief Tim Cook has told shareholders concerned by the company's falling share price to think about the products it has planned to drive revenue and profits in the longer term.

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At Wednesday's annual shareholders' meeting at Apple's Cupertino headquarters, Cook sympathised with investors over the company's share price, which has dropped from September's $705 high to $444.

"I don't like it either. The board doesn't like it. The management team doesn't like it," Cook told investors, Reuters reported.

He urged investors to trust in Apple's record for delivering long-term growth, but offered little insight to the path to take it there, only saying that Apple was "looking at other categories".

While Apple's sales continue to growth, concerns have focussed on whether the iPad is cannibalising Mac sales, how it will tackle China and create new growth opportunities and whether it has the innovative stream to fend off the likes of Samsung.  

Of course, Cook didn't shed any light on the speculated iWatch, but said whatever Apple chose to make would be things it thought were "great to do", All Things D reported.

Another burning issue was whether Apple intends to divvy up more of its $137bn mountain of cash and securities among shareholders. The board was having "very very active" discussions about options for cash sharing, said Cook.

Topics: Apple, Mobility, Smartphones

About

Liam Tung is an Australian business technology journalist living a few too many Swedish miles north of Stockholm for his liking. He gained a bachelors degree in economics and arts (cultural studies) at Sydney's Macquarie University, but hacked (without Norse or malicious code for that matter) his way into a career as an enterprise tech, s... Full Bio

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