Apple CEO Tim Cook addressed the negative sentiment around his company in an interview with CNBC’s Jim Cramer by saying that Apple’s growing ecosystem of devices and services is “probably underappreciated” by naysayers on Wall Street.
Apple’s stock has lost roughly 14 percent in the last 12 months as Wall Street soured on its prospects amid reports of iPhone production hiccups. CNBC reported Monday that, among analysts, Apple’s stock is the most “unloved” it has been since 2005.
Cook stated that “In terms of the naysayer, I’ve heard this over and over again. I’m not defensive on it. This is America and you can say what you want. But … my honest opinion is that there is a culture of innovation in Apple and that culture of innovation combined with these incredible, loyal customers, happy customers, this ecosystem, this virtuous ecosystem, is something that is probably underappreciated.”
Cook said when asked about Wall Street’s reaction to the news: “I’m never surprised by the market, to be honest with you, because I think the market is quite emotional in the short term. We sort of look through all of that. We think about the long term. And so when I look at the long-term health of the company, it has never been better. The product pipeline has never been better. The ecosystem has never been stronger. The services are on a tear.”
The interview seemed to be cut short. I suspect CNBC will has more on this interview that they’ll release in pieces or at another time.