Stop worrying about Apple, says CEO Tim Cook

Cook swears Apple can produce a new world-beating product like the iPhone

Apple CEO Tim Cook has defended his company's prospects in a rare media interview after plunging revenues saw shares fall for eight consecutive days.

The world's most valuable company reported a quarterly decline for the first time in 13 years last week, when revenues dropped 13 per cent to $50.5 billion, and profits fell $3.1 billion to $10.5 billion - largely due to the iPhone hitting saturation point.

Shares fell from $105.08 on 25 April to $93.64 today, but Cook's interview with Mad Money, a CNBC show, saw him tell investors not to worry, pointing to the size of Apple's income as an indicator of health.

"To put that in perspective, the $10 billion is more than any other company makes. So it was a pretty good quarter, but not up to the Street's expectations, clearly," Cook told host Jim Cramer.

Cook added that Apple still has the ability to innovate - and believes it will continue to produce world-changing products like the iPhone.

"We're going to give you things that you can't live without that you just don't know about today," Cook said. "We don't talk about products on the roadmap. I'm incredibly excited about things we're working on. I don't want to be more specific than that."

Possible future key products include new versions of the Apple Watch, with Cook saying Apple is still learning about wearables in order to make it a device people deem essential.

Others include services, which Cook hailed as an area of growth in Apple's financial results, that include Apple Pay and AppleCare, and the much-rumoured but unconfirmed Apple Car.

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