CEO Tim Cook: Apple is 'looking at new categories' for products

Apple CEO Tim Cook has vaguely discussed its long-term plans in a meeting with investors, saying Apple was "looking at new categories" for products. 

In typical Apple fashion, Cook didn't delve into specifics, but the comments are interesting given the rumours that have surrounded the company in recent months and its current line of products. 

Of course, the rumours that instantly come to mind are that Apple will release a television set this year or in 2014 that will reportedly re-invent the market, and a new watch is on its way out of Cupertino to compete with Google Glass. Are these the categories Cook was alluding to? Maybe it was something else entirely. 

Cook's product comments came during Apple's annual shareholder meeting on Wednesday. The Apple-boss also talked financials, addressing concerns over the stock drop in recent months, saying he didn't like it either.

Cook further talked about the 2012 financial year, saying Apple's cash hoard had grown by roughly $48 billion and that plenty of innovation was ahead. He didn't offer any insight on upcoming acquisitions or a stock split for investors. 

In recent months analysts have noted that Apple may be about to face hurdles.

Most recently, Jefferies' analyst Peter Misek told clients in a note: "Apple is potentially facing a very rough two-year period." The concern looks to be caused by lack of a game-changing product out of the company since the iPad, and the new pressure from Samsung and its clever marketing.

Last quarter Apple reported record earnings, with $54.5 billion in revenue, $13.1 billion in net profit, 47.8 million iPhones sold, 22.9 million iPads, 12.7 million iPods, and 4.1 million Macs. 

Apple is expected to release updates to its Mac line, iPad mini, and full-sized iPad later this year. Could something else be on the way?

Image: Getty Images, Kevork Djansezian



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