Tim Cook at Goldman Sachs: Worker Safety, iPhone and iPad Growth, and Financial Strategy

Discussion in 'MacRumors.com News Discussion' started by MacRumors, Feb 14, 2012.

  1. macrumors bot

    MacRumors

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    Apple CEO Tim Cook has just completed a Q&A session with analyst Bill Shope at the Goldman Sachs Technology and Internet Conference. While we liveblogged the event with a rough transcript of Cook's comments, here are a few of the highlights:

    - Worker safety: Addressing ongoing publicity about working conditions at Apple's suppliers' facilities, Cook reiterated his position that no company is doing more or being more transparent about the issue than Apple. Cook specifically addressed Apple's efforts to address underage labor, safety, and excessive overtime. Apple has also partnered with the Fair Labor Association to conduct what is likely the largest and most extensive audit in manufacturing history. Apple will also be continuing to collect its own data and will be releasing it monthly on the company's website.

    - iPhone growth: Dryly noting that Apple's record-smashing sales of 37 million iPhones during the holiday quarter led to "a decent quarter", Cook noted that 90% of mobile phone purchasers and 75% of smartphone purchasers are still choosing something other than an iPhone. Consequently, Apple still has remarkable room to grow.

    - Emerging markets: Cook noted that Apple has placed significant energy on emerging markets, with China being the primary focus but Brazil and Russia also receiving attention. While the iPod created a halo for the Mac and other Apple products in developed markets, that didn't work for emerging markets. It took the iPhone to generate that momentum in those countries. In China, Mac grew 100% year-over-year compared with 10% for the broader industry. The Mac growth was from a small base, but still demonstrates significant momentum. Revenue across Apple's emerging markets has grown from $1.4 billion in 2007 to $22 billion in 2011.

    - iPad growth: Cook noted that no one could have predicted 55 million units at this point, by far the fastest growth ever for an Apple product. The iPad benefited significantly from an established base of users familiar with the iPhone and iPod and from the established infrastructure of the iTunes Store and App Store.

    - Competing tablets: Addressing the Kindle Fire and other cheaper competitors, Cook noted that price is rarely the most important thing for consumers. Long-term, people aren't happy about getting a good deal on a terrible product. Cook noted that he loves competition (as long as other companies "invent their own stuff") and that he believes Apple's innovation will drive things forward.

    - Stock buybacks/dividends: Cook noted that Apple is judicious with its cash, and acknowledged that the company currently has much more cash on hand than it needs to run its day-to-day business. He acknowledged that discussions on the topic at board meetings have ramped up as Apple's cash hoard has grown, but asked for patience as Apple considers its options and works to make the best decision for shareholders.

    - Apple TV: Cook reported that Apple still considers the Apple TV to be a "hobby", in the sense that it shouldn't be thought of as a major pillar of Apple's business. That said, Apple has always felt that if it kept "pulling the string", there would be something there. Consumer satisfaction is reportedly off the charts and sales are growing quickly.

    - Siri and iCloud: Cook's belief is that iCloud is the strategy for the next decade, enabling users to access their content from anywhere. iCloud already has over 100 million users just months after launching. Siri, on the other hand, is a profound change in input methods in Cook's view, and he notes that never before had he considered a beta product to be indispensable.

    - Cook's legacy: In a question that seemed to have caught Cook a bit off-guard, Shope asked what Cook believes his stamp on Apple will be and what he will seek to maintain. Cook seemed to very much be speaking from the heart as he focused on the latter portion, outlining the culture of Apple and how important a factor it has been in Apple's success.
    Cook has participated in this Goldman Sachs event a number of times in the past, but this was his first time as CEO and provided a rare opportunity outside of the company's earning conference calls for him to address questions from those who follow the company from the outside.

    Article Link: Tim Cook at Goldman Sachs: Worker Safety, iPhone and iPad Growth, and Financial Strategy
     
  2. Santabean2000, Feb 14, 2012
    Last edited: Feb 14, 2012

    macrumors 65816

    Santabean2000

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    #2
    He is trying hard to say all the right things. I wonder though, what will happen in a couple of years, post Steve, when the company needs new vision on its products and operations.

    Will "Steady as she goes" be enough?
     
  3. macrumors 68030

    bbeagle

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    #3
    The horrors! I never thought Steve was THAT much of an arse to GRILL his co-workers.

    Actually, if it said what it was supposed to say, 'drilled', that sounds a little worse maybe (but would make a good movie)
     
  4. macrumors member

    Joined:
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    #4
    Yada Yada Yada. No one cares. All they need is the silly apple logo on the back and they will buy it! Such is the life of an american. Status > Perfomance. Oh Sheeple. :confused:
     
  5. macrumors member

    extensor

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    #5
    I doubt you actually believe what you just wrote.
     
  6. GQB
    macrumors 65816

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    #6
    Yes, Apple is doomed because only Steve worked there, and single handedly conceived and executed every idea for the past 10 years.
    Glad you told me so that I could sell my AAPL.
    Gracias.
     
  7. macrumors newbie

    Joined:
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    #7
    I listened to the live broadcast and I gotta say: I really like this guy.

    He seems to "get it." I would feel much better if I knew he took a few LSD trips, though. :D
     
  8. macrumors 68030

    basesloaded190

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    #8
    No he said it correctly.
     
  9. macrumors regular

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    #9
    Shouldnt you be droning on in an Android forum about how awesome the Samsung Galaxy Skyfire SII 4G LTE Limited Edition Note with commemorative stylus is?
     
  10. macrumors regular

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    #10
    best.response.ever.
     
  11. macrumors 65816

    Adidas Addict

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    #11
    Not a single mention of a computer :(
     
  12. macrumors 68030

    basesloaded190

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    #12
    He did talk about the ipod effect selling more macs as a result. Talked about the same thing happening with the iPad. He talked about the mac selling very well for 20 some odd strait quarters. So yeah, he did mention computers.
     
  13. macrumors regular

    ombrenelcielo

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    #13
    Great words.
     
  14. macrumors 6502

    Joined:
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    #14
    Rather than wasting time on someone so clueless (to put it VERY politely) with a long response, I'll just say that you should keep your mouth shut (or your posts to yourself in this case) when you think about stereotyping any nation (or people).
     
  15. macrumors 601

    Mr. Retrofire

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    #15
    Lion is not a "significant contribution to society".
     
  16. macrumors G4

    *LTD*

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    #16
    Scott Forstall will be enough.
     
  17. macrumors 6502

    Joined:
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    #17
    The only thing even more popular than Apple products, is criticizing Apple, its products, and those who buy them. Talk about Sheeple and parrots and all other sorts of non-thinking, mimicking animals!
     
  18. macrumors G4

    *LTD*

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    #18
    Ouch.
    I'm liking what I'm reading here. Quite encouraging. It's important, however, for Tim to hang on to Scott Forstall. Scott's going to be a big influence in a big way at Apple. He already is, but this is just the tip of that particular iceberg.
     
  19. macrumors 68030

    Lesser Evets

    Joined:
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    #19
    Up it to 1080i, get your HD library maxed out with everything possible, and win.
    If you treat it like a hobby, pulling that string only flushes the toilet.

    No one likes you. Not even your mother.
     
  20. macrumors member

    Coltaine

    Joined:
    Jan 7, 2012
    #20
    Well done, Tim Cook.

    Very smart guy.

    I think Steve Jobs put Apple into the right hands.
     
  21. macrumors 603

    Michaelgtrusa

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    #21
    Worker safety?
     
  22. macrumors G5

    gnasher729

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    #22
    Very important to Apple.

    "Cook reiterated his position that no company is doing more or being more transparent about the issue than Apple. Cook specifically addressed Apple's efforts to address underage labor, safety, and excessive overtime. Apple has also partnered with the Fair Labor Association to conduct what is likely the largest and most extensive audit in manufacturing history. Apple will also be continuing to collect its own data and will be releasing it monthly on the company's website."
     
  23. macrumors G5

    Rogifan

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    Nov 14, 2011
    #23
    The entire executive team is important. I'd be surprised if any of them left any time soon. Though if Forstall has his eyes set on being CEO will he hang around if that doesn't happen in the next few years? Honestly I see Cook holding on to that spot for as long as he wants it.

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    ----------

    Agreed. I think Cook's the right guy for the job and I have high confidence he'll make the right calls more often than not like Steve did. Steve and the board knew what they were doing when they handed over the reigns to Cook.
     
  24. macrumors 65816

    Santabean2000

    Joined:
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    #24
    Yeeeeeess. Because that's what I said...:rolleyes:

    You can't deny though, that Steve was ballsy enough to make big calls when he needed to.

    From what I understand of Tim Cook, (which admittedly is somewhat limited having never met the guy), is that he's a real 'nice guy', incredibly hard working and the model of efficiency.

    But would he, for example, be brave enough to say to the iTV/:apple:TV Team, if he believed the product wasn't ready, "Sorry team, it's not ready; it won't ship now."

    The 'iTV' is a bad example, because it already has Steve's finger prints all over it, but you can imagine the same scenario of product X in the future.

    I hope so too. Or perhaps Tim can step up. Either of these possibilities is quite possible.
     
  25. macrumors newbie

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    Jan 17, 2012
    #25
    I salute you sir :)
     

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