Apple Inc. (NASDAQ:AAPL) is now assessing the damage to its stock now that the carnage is finished Thursday, when the stock plummeted 12 percent in one trading day. While analysts and investors seek some weakness in the Apple empire, CEO Tim Cook used part of the earnings conference call Wednesday to address where the company is going – trying to answer the question as to whether Apple has lost its innovation mojo.
Cook, perhaps as expected, was not about to surrender. In fact, he went a step further than just saying “no.”
“Apple is in one of the most prolific periods of innovation in its history,” he said. “We rely on the same spirit and drive that brought the original Mac and other revolutionary products like the iPod, iPhone and the iPad into the world.” He backed up this statement by saying that Apple Inc. (NASDAQ:AAPL) used the last year to refresh every product in its stable, and even introduced new products like the iPad Mini. He didn’t seem to give any hints on any new innovations – like new products or new features that would serve as upgrades with the current market standards.
One innovation challenge for Apple Inc. (NASDAQ:AAPL) may likely be reaching out to the China market, which Cook acknowledged again is an important market for the company to continue its legendary growth cycle. For the first time, Apple broke out China in its earnings report as a separate market sector, and Cook said the company saw 60-percent growth in that market over the last year, though the iPhone currently ranks sixth in market share in the country, despite growth being in the “triple digits,” according to Cook.
There has been much talk that Apple Inc. (NASDAQ:AAPL), in order to gain market share in China, may have to either strike a deal with China Mobile – the country’s largest wireless network – or develop and introduce a new, cheaper version of the iPhone. Maybe both.
What do you think about innovation at Apple Inc. (NASDAQ:AAPL)? Do you think Apple is just another company, or is there still some greatness? We’d like your thoughts in the comments section below.
DISCLOSURE: I own no positions in any stock mentioned.
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