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Tim Cook spoke with Goldman Sachs’ analyst Bill Shope at Goldman’s technology conference this morning. We listed to the interview and our live notes are below.Here is the high level summary of what Cook said:
• He thinks Einhorn’s lawsuit is a silly sideshow. What Apple is trying to do is make it better for common shareholders, and Einhorn is actually trying to make things worse.
• Apple has done ~6 acquisitions per year over the last few years, and they’re mostly small companies. Apple has looked at big companies, but passed because it wasn’t a good fit. Apple could do big acquisitions if it really wanted, but it’s not going to buy revenue. Only smart people and good products.
• Apple’s culture of innovation is based on the fact that it can do hardware, software, and services. At the intersection of these three, Apple has “magic,” and its rivals are trying to catch up.
• The iPhone isn’t done growing. The smartphone market is big and getting bigger. Apple can grow.
• Don’t limit your thinking when it comes to an affordable iPhone. The iPad is an affordable Mac. There is a way for Apple to make a great, inexpensive product.
• Worrying about the iPad Mini killing the big iPad is stupid. Just make a great product before the competition does.
• Apple’s services business can help its margins on its hardware sales.
• Cook loves Apple’s stores. If he’s ever feeling down, he just goes there and it makes him happy. He likes the energy, he likes to see all the people.
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