Apple’s earnings report last week saw the company report a year over year decline in profits for the first time since 2003. The biggest contributing factor to the decline, not surprisingly, is that year over year iPhone sales dropped by 16%. Notably, Apple’s most recent quarter marks the first time iPhone sales declined in company history.
Consequently, the usual contingent of pundits and analysts have come out of the woodwork, all exclaiming that we’ve reached ‘peak iPhone’ and that Apple at this point has nowhere to go but down. In an effort to inject a bit of good news and all-around optimism to a particularly negative Apple news cycle, Tim Cook earlier today appeared on CNBC with Jim Cramer where the Apple CEO teased that the company has some interesting and innovative items in the product pipeline.
“We’ve got great innovation in the pipeline,” Cook said to Cramer. “New iPhones that will incentivize you and other people that have iPhones today to upgrade to new iPhones. We are going to give you things you can’t live without that you just don’t know you need today. That has always been the objective at Apple, to do things that really enrich people’s lives. That you look back on and you wonder, how did I live without this.”