Tim Cook isn't happy about Apple's recent loss in market value. The company's CEO acknowledged on Wednesday Feb. 27 at its annual shareholder meeting that he is disappointed in the company's recent stock drop, along with stockholders.
"I know the recent stock price is a disappointment for you," he said. "I want you to know that I don't like it either. But we're focused on the long term and that's always been the secret of Apple's success."
Following its peak in September, shares of Apple have fallen by about 35 percent. It is unclear what the company will do to combat this disappointment and many worry about competition from companies like Samsung. Cook, however, claims that Apple is cognizant of the adversity it currently faces.
"We don't have our heads up our ... in the sand," Cook said.
Cook fielded questions about other issues as well. Shareholder David Einhorn previously sued Apple, insisting that the company give cash back to investors. When asked if he still believed that Einhorn's lawsuit was a "silly slideshow," Cook responded, "Well, I absolutely do. The lawsuit was not about whether Apple should return cash to shareholders — it was about shareholder rights. And if we want to issue preferred shares, you all should get a vote on it."
For a meeting lasting about an hour, 225 shareholders filled the auditorium at Wednesday's event. Despite recent setbacks, most who attended the conference seemed pleased with Apple and optimistic about its future. Over the past few years the company's shareholder meetings have been rather celebratory, based on growing market value. But Samsung and Amazon.com cut into the company's shares in 2012. Meanwhile, Samsung plans to release its much hyped Galaxy S4 smartphone in March.
Nevertheless, Cook remained upbeat at the meeting.
"We focus on making the best products in the world," Cook said, "and the revenues and profits will follow. We'll continue to do that, and we have some great stuff coming."
