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

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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  • Fokissed
    Oil is bigger than cell phones, who knew?
  • Anomalyx
    "Value" is such a funny metric...
  • uhh3000
    "Instead, [Apple's] priority is satisfying consumers with worthy new products."

    ...when was this supposed to start?