Yahoo Finance Apple CEO Tim Cook Reassures Shareholders
Apple (NasdaqGS: AAPL - news) boss Tim Cook has reassured shareholders over the company's falling value, which has plunged 37% in five months.
Speaking at the company's annual shareholders' meeting, he admitted: "I don't like it either," and added: "The company is working as hard as ever, and we have some great stuff coming."
Mr Cook did not go into specifics of what it is to come, but confirmed the company was thinking about entering new product categories.
There is speculation in the technology world that Apple is working on a watch device and possibly a new TV-related product.
Apple's share price reached $705 (£464) in late 2012 but now stands at $444.57, representing a fall of $240bn (£158bn) in the company's value and also a $300m (£197m) drop in Mr Cook's personal shares.
Mr Cook has come in for criticism for not launching a trailblazing new product in the mould of the iPhone or iPad since he took over the reins in 2011.
And, despite selling more products than ever before, the company's growth has slowed due to a fiercer challenge from rival firms such as Samsung in the smartphone sector.
Shareholders are still confident in the company's leadership though - the entire board was re-elected with Mr Cook getting 99% of votes.
That ringing endorsement was perhaps encouraged by Mr Cook's promise that talks on sharing more of Apple's $137bn (£90bn) cash hoard were "very very active".
The issue has been a hot topic of late, with shareholder and hedge fund manager David Einhorn launching a lawsuit in his efforts to increase the amount that Apple pays out.
However Mr Cook dismissed the matter as a "silly sideshow" at Wednesday's meeting, held at the firm's California headquarters.
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