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Apple CEO On Losing 'World's Most Valuable Firm' Title

By - Source: 9to5Mac | B 27 comments

Exxon Mobil recently surpassed the iPhone maker's market cap.

Tim Cook has responded to Apple being replaced as the world's most valuable company by oil and gas firm Exxon Mobil.

Speaking to employees at a Town Hall meeting, Apple's CEO is said to have told his staff and colleagues that "we [Apple] just had the best quarter of any technology company ever." Cook expressed his appreciation for his teams that contributed towards its Q4 2012 results.

On losing its place as the world's most valuable company, he added (obviously referring to gas and fuel market leader Exxon) that "the only companies that report better quarters pump oil. I do not know about you all, but I do not want to work for those companies."

Cook also apparently stressed that the share price is not Apple's focus. Instead, the priority is satisfying consumers with worthy new products. He added that Apple is generally misunderstood and the iPhone maker will always have critics despite how successful it is.

During the fourth quarter of 2012, Apple announced record revenue but a flat profit margin. Revenue increased by 18 percent to $54.5 billion, while net profit remained unchanged from the previous year's $13.1 billion. It sold 47.8 million iPhones (analysts expected upwards of 50 million units sold due to the iPhone 5) and 22.9 million iPad units. Following the quarter results, Apple's shares decreased by 12 percent, knocking off $50 billion in its market capitalization.

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Top Comments
  • 11 Hide
    Fokissed , January 29, 2013 7:20 PM
    Oil is bigger than cell phones, who knew?
  • 11 Hide
    uhh3000 , January 29, 2013 7:56 PM
    "Instead, [Apple's] priority is satisfying consumers with worthy new products."

    ...when was this supposed to start?
Other Comments
  • 11 Hide
    Fokissed , January 29, 2013 7:20 PM
    Oil is bigger than cell phones, who knew?
  • 9 Hide
    Anomalyx , January 29, 2013 7:47 PM
    "Value" is such a funny metric...
  • 11 Hide
    uhh3000 , January 29, 2013 7:56 PM
    "Instead, [Apple's] priority is satisfying consumers with worthy new products."

    ...when was this supposed to start?
  • 6 Hide
    A Bad Day , January 29, 2013 8:25 PM
    Quote:
    He added that Apple is generally misunderstood and the iPhone maker will always have critics despite how successful it is.


    Silly Cook, investors care about the total revenue, and your products indirectly didn't meet their expectations!
  • 1 Hide
    Shin-san , January 29, 2013 8:31 PM
    CookCook also apparently stressed that the share price is not Apple's focus. Instead, the priority is satisfying consumers with worthy new products.
    This is a good answer, even though a bit on the clever words. Not too crazy about the pumping oil one though
  • -4 Hide
    halcyon , January 29, 2013 9:11 PM
    If they would just give iOS a radical makeover that would allow for a bit more customization.
  • 3 Hide
    xpeh , January 29, 2013 9:21 PM
    If their stocks are falling, then that doesn't sound like they're satisfying customers.
  • 4 Hide
    applegetsmelaid , January 29, 2013 9:29 PM
    Exxon is who keeps the manufacturing plants running and the product shipping across the seas. Apple should show more respect.
  • 8 Hide
    burmese_dude , January 29, 2013 9:33 PM
    His exact quotes were that.... "share price is not Apple's focus. It's my wealth, B!tches. And suing the sh!t out of competition. Yeah that's really important, too."
  • 0 Hide
    abbadon_34 , January 29, 2013 9:42 PM
    While good PR for someone with Al Gore on their board, he should be more professional instead of acting a spoiled child envious of someone because of their car/looks/money/clothes/girlfriend/high score
  • 0 Hide
    halogen , January 29, 2013 10:48 PM
    yeh, cook also doesnt wanto sell more than android,we dont want to make our iphone last...
  • 2 Hide
    fuzzion , January 29, 2013 11:08 PM
    The market is now reaching high levels of saturation with smartphones. Unless Apple does something soon and radical now, watch them fall to the mid $150 level.
  • 0 Hide
    alidan , January 30, 2013 12:44 AM
    More company and its whole lot worse is really built up in the intangible properties rather than physical properties hard to see why they fell out of the number one spot ever.
  • 0 Hide
    john15v16 , January 30, 2013 3:02 AM
    @Tim Cook: You really need to focus on actually being innovative rather than addressing an apples-to-oranges comparison of you company...stay focused man, Google is giving you a pretty darn good beating...
  • -3 Hide
    bluekoala , January 30, 2013 4:49 AM
    There's 3 reason why Apple has been so successful.

    1. Apple made an iPod with a snazzy design before anyone else which made a lot of hipster pirates happy.
    2. They made a touchscreen smart phone that's an iPod before anyone else so all the hipster pirates bought it.
    3. They removed the phone functionality, made it bigger, charged more for it and called it an iPad.

    So the secret of success is: Appeal to the hipster pirates by making hardware to enable them to enjoy all their pirated media and charge a whole lot for it.

    I believe Apple's huge success stems solely off limewire, kazaa, napster, imesh and the likes. If RIAA were to stay relevant, they should have patented the iPhone.
  • 0 Hide
    CrArC , January 30, 2013 11:26 AM
    uhh3000"Instead, [Apple's] priority is satisfying consumers with worthy new products."...when was this supposed to start?
    I was quite happy with my iPhone 3G back in the day, just as I am quite happy with my rMBP today. I would say they've been attempting it since at least the early 00's.

    You might not like the products, or they might not be right for you (I can't get on with modern iOS devices, it's Android all the way), but don't deny they are generally satisfying to use.


  • 0 Hide
    dalethepcman , January 30, 2013 8:15 PM
    Apple successfully converted the touchscreen device into something the general population could use.

    Its similar to what the VCR did for reel to reel video. How many people used 8mm vs how many used VHS? Sure the 8mm fans could hold onto the "we did it first," and the beta max fans could say "we did it better," but someone came along and made it easy.

    At the end of the day easy wins the masses, not first or best.
  • 0 Hide
    halcyon , January 30, 2013 8:20 PM
    ^ Nice analogy.
  • 0 Hide
    neiroatopelcc , January 31, 2013 8:08 AM
    ArticleInstead, the priority is satisfying consumers with worthy new products.

    That's good news then! That's the first time they've focused on consumers in the last three decades
  • 0 Hide
    maddad , January 31, 2013 10:39 AM
    neiroatopelccThat's good news then! That's the first time they've focused on consumers in the last three decades


    Really? Where was the smartphone market before the Iphone? Where was the portable music player market before the Ipod? Where was the tablet market before the Ipad? And since when does a company make a 13 billion dollar profit and it is considered a bad year?
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