CEO Tim Cook Says Apple Is on Verge of Creating Entirely New Product Category

Posted by Knowlton Thomas

At this point, it would seem impossible for Apple not to announce a new product within the next year.

An Apple TV? An iWatch? A mobile payments system? Cook won't spill the beans, but he told the Wall Street Journal that he "feels great about what we've got coming," adding that "it's closer than it's ever been," but refused to add detail to that vague suggestion.

What's interesting is that Cook suggests Apple is on the verge of creating not just a new product, but an entirely new product category.

While we wait, the company's finances are faring well. Apple yesterday afternoon shocked investors by reporting quarterly earnings that exceed almost all analyst expectations.

Posting a profit margin of nearly 40%, Apple earned almost $46 billion in revenue during the last quarter, well ahead of expectations below $44 billion. The revenue came from selling nearly 44 million iPhones—far more than expected—and more than 16 million iPads—slightly fewer than expected. Additionally, Apple sold four million Macs and three million iPods.

"We’re very proud of our quarterly results, especially our strong iPhone sales and record revenue from services,” Cook said yesterday. “We’re eagerly looking forward to introducing more new products and services that only Apple could bring to market.”

The world's most valuable technology company also announced a 7-for-1 stock split, an increase in its share buyback, and a dividend boost.

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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys playing tennis or otherwise enjoying the outdoors. more

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