Apple boss speaks on falling share price
Apple chief executive addresses share price fall
Tim Cook, Apple chief executive, has spoken of the recent fall in the share price of the company, but says it is working on “some great stuff” to be released in the near future.
Commenting at the Apple annual meeting about the 35 per cent fall in share price since September, Cook said “I don’t like it either. The board doesn’t like it”. This was in response to investors requesting they be reimbursed for their losses from the $137bn (£90bn) cash pile held by the company, an option which was not ruled out by Apple.
However, the meeting was not all negative for Apple, with the comments from the chief executive suggesting that new releases from the technology giant should be expected in the near future. It is not yet clear whether this would be a new iPhone, iPad or iPod, or a completely new idea altogether.
The future for Apple?
Following the death of Steve Jobs in 2011, there was much speculation as to what the future held for Apple. Jobs had been the inspirational leader of the company as well as co-founder, with his vision driving the highly successful smartphones and tablets.
On the day the iPhone 5 was released in September, Apple’s share price peaked at $705.07 (£464.90), however as of 28 February its value has declined to $444.57 (£293.14). This value drop is what had led to hedge fund manager David Einhorn calling on the company to return some of its incredible wealth to shareholders.
Kleon West, business development director at theEword commented: “Apple has been hugely successful for a long time now, and while the significant share price drop will be a worry to many, it is difficult to see anything other than a successful future for Apple. The popularity of their products as well as the loyalty of their customers means it is likely there will be a recovery for Apple’s value in the near future.”