Apple CEO Tim Cook is set to make an appearance on CNBC investing show Mad Money later today to defend Apple in light of recent setbacks.
The company warned last week that iPhone upgrades for the last quarter were lower than expected. After investors received the guidance on lower revenue for Q1 2019, Apple shares continued their downward slide, which has been pretty much nonstop since the company posted its Q4 2019 results.
Cook will try to assure investors during his interview that Apple’s product lineup is the best it’s ever been. That’s exactly what executives say every year, but this time Cook sounds a little bit more annoyed that he has to defend Apple’s innovation yet again.
Tim Cook defends Apple
“In terms of the naysayer, I’ve heard this over and over again,” Cook said in his interview with Jim Cramer. “I’ve heard it in 2001, I’ve heard it in 2005, in ‘7, in ‘8, in ’10, in ’12 and ’13. You can probably find the same quotes from the same people over and over again.”
Cook went on to say that he’s not “defensive on it,” and that people can say what they want. His opinion is that Apple’s culture of innovation and the ecosystem of products are “probably underappreciated.”
EXCLUSIVE: Tim Cook to Apple naysayers: ‘The ecosystem has never been stronger’
— CNBC Now (@CNBCnow) January 8, 2019
Apple stock has lost 14 percent of its value over the last 12 months. This is mostly due to iPhone sales finally plateauing. Investors don’t expect Apple to keep posting record-breaking iPhone sales figures every quarter. In fact, Apple says it will no longer report unit sales for the iPad, iPhone and Mac.
There’s also some worry among investors that Apple could face a boycott by consumers in China. The government hasn’t called for an official boycott, but strained relations with the United States could cause Chinese citizens to spurn the iPhone. Cook doesn’t sound worried, though.
“We think about the long-term,” he said. “And so when I look at the long-term health of the company, it has never been better. The product pipeline has never been better. The ecosystem has never been stronger. The services are on a tear.”
Cramer’s full interview with Cook airs on CNBC tonight at 6 p.m. Eastern.