Apple boss hints at wearable devices and suggests the business retains its ‘coolness’

Apple’s Chief Executive, Tim Cook, speaking at the All Things Digital conference has defended the company”s record of innovation under his leadership. Speaking at the event, which takes place annually at the coastal resort town of Rancho Palos Verdes in California, he suggested that the company was planning a number of new releases “game changers“ as he described them and hinted at the launch of wearable computers.

Cook’s comments came as concerns have started to mount over the company’s recent performance and from the growing competition it is facing from the likes of Samsung and Google. A recent slow down in earnings growth has undermined the company’s share value.

While sales of its popular iPhone and iPad continue to grow they have fallen short of market expectations – and its market share has been declining. Samsung has been steadily increasing its market share at its expense, both in the smartphone and tablet PC sectors and according to research by Gartner, in the final quarter of 2012, Samsung sold 64.5 million smartphones to Apple”s 43.5 million.

Samsung has doubled its share of the tablet PC market to 15.1% in the last three months of 2012, while Apple saw its share slide to 43.6% from 51.7%, despite seeing a jump in sales.

In his presentation Cook hinted at the development of wearable products – speculation has been growing that Apple is developing a smart watch – but suggested that Google’s Glass would likely only achieve a limited appeal.

“There”s nothing that”s going to convince a kid who has never worn glasses or a band or a watch to wear one, or at least I haven”t seen it,” he said in the near one-and-a-half-hour question and answer session. “So I think there”s lots of things to solve in this space.”

Cook also talked about a “grand vision” for television. Apple has talked for a long time about the TV space and currently offers an inexpensive Apple TV streaming device.

Cook said the Apple had “absolutely not” lost its coolness cache among consumers but admitted that he was frustrated with the pressure that has been mounting on the firm’s share price. Sinced last September the company’s shares have lost over 40 percent of their value, a fall in excess of $280bn.

Speaking to the audience he said if it would benefit the company Apple would consider a large acquisition, and he hinted at a number of updates to the company’s iOS mobile software, saying the future of iOS would be evident when it holds its annual developer conference next month. He said the company was continuing to invest heavily in online services such as its mapping application.

www.apple.com

 

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