Huffpost UK Tech uk

Apple CEO Tim Cook Admits Disappointment With Stock Dive

Posted: Updated:
Print Article

Apple CEO Tim Cook has admitted "disappointment" over the company's performance on the stock market.

Shares in the company have dived in recent months and are currently trading at around $444 per share, compared to a high of $702.10 in 2012.

The drop has come in tandem with a growing perception that the company has lost its advantage in smartphones, in both industrial design and software, particularly after the bungled launch of its new Maps service.

Cook told Apple's annual meeting of shareholders that he was not happy with the 35% drop.

"I don't like it either," he said at the meeting. "Neither does the board or management, where the stock trades now versus a few months ago, but we're focused on the long term."

Apple was facing calls from some investors to give back more of its $137 billion cash pile, reported in its last set of quarterly results.

Those calls were muted by the time of the meeting, after the company shelved plans to change the way it issues preferred stock following a judge ruling in favour of a lawsuit by activist investor David Einhorn.

At the meeting Cook insisted his company had "great stuff" in the pipeline.

He said:

"Obviously we're looking at new categories -- we don't talk about them, but we're looking at them... Success is not making the most [products]. There's a button or two we could press to make the most but that would not be good for Apple."