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Apple repurchases $14 billion of its own stock, hints at new product categories

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Tim CookIn a recent interview with The Wall Street Journal, Apple CEO Tim Cook stated that Apple has repurchased $14 billion of its own stock in the past two weeks, following its last quarterly earnings call on January 27th, after which Apple stock fell by 8%.

Cook said he was surprised by the stock price drop, and made full use of the opportunity by repurchasing the company’s own shares at a considerably lower price.

“It means that we are betting on Apple. It means that we are really confident on what we are doing and what we plan to do,” said Cook, speaking in a conference room at the company’s corporate headquarters here. “We’re not just saying that. We’re showing that with our actions.”

In addition, Cook also shed some light on the acquisitions Apple has made in the past 15 months, saying they acquired 21 different companies. He said Apple doesn’t have a problem paying high figures for the right company that is best suitable for Apple and that can help the company in the long-term.

“We’ve looked at big companies. We don’t have a predisposition not to buy big companies. The money is also not burning a hole in our pocket where we say, ‘let’s make a list of 10 and pick the best one,’ ” said Cook. “We have no problem spending ten figures for the right company, for the right fit that’s in the best interest of Apple in the long-term. None. Zero.”

Cook also explained that Apple is working on new product categories, although he declined to comment any further when asked if it will be improvements over the existing product portfolio of the company or a completely new category. “There will be new categories. We’re not ready to talk about it, but we’re working on some really great stuff.”

This isn’t something knew; the rumor mill has suggested Apple is working on a few new products including an oversized 12.9-inch iPad as well as an iWatch.

Via [9to5Mac]

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