Apple's Tim Cook Insists Everything is Fine
- 8 years ago
Less than a week after the company reported its first-ever drop in iPhone sales, Apple CEO Tim Cook visited CNBC's Mad Money with Jim Cramer on Monday night to attempt some damage control and remind everyone that he still runs the richest and most successful company in the world.
"I think that's a huge overreaction," Cook said of pessimistic investors.
"We just had an incredible quarter by absolute standards."
Cook claims the company is a victim of its own success.
"What we're seeing is that people are upgrading [their iPhones] at a different rate — a lower rate than they did last year — but still higher than the year before," Cook said.
"So we had this abnormally high upgrade rate last year as people bought into the iPhone 6 and now we're comparing to that."
"I think that's a huge overreaction," Cook said of pessimistic investors.
"We just had an incredible quarter by absolute standards."
Cook claims the company is a victim of its own success.
"What we're seeing is that people are upgrading [their iPhones] at a different rate — a lower rate than they did last year — but still higher than the year before," Cook said.
"So we had this abnormally high upgrade rate last year as people bought into the iPhone 6 and now we're comparing to that."