According to CEO Tim Cook, who appeared on CNBC's Mad Money on Monday, the company will announce new services this year.
Shares of Apple nudged higher on Tuesday after Chief Executive Tim Cook touted the company's technology pipeline and characterized worries about the company's future as overwrought.
This puts Apple's decision to stop disclosing the number of iPhone it sells for each quarter in a completely new light, given that a 10% cut in production for the new iPhone models would translate into a whopping 20% YoY contraction from "the 52.21 million units Apple sold in January-March 2018", as reported by Nikkei Asian Review. "I've heard it in 2001, I've heard it in 2005, in '7, in '8, in '10, in '12 and '13".
Cook went on to say that he's not "defensive on it", and that people can say what they want.
While he didn't specify what kind of services Apple is working on, it could very well mean mobile payments or the rumored TV service. His opinion is that Apple's culture of innovation and the ecosystem of products are "probably underappreciated".
Apple stock has lost 14 percent of its value over the last 12 months.
"Lower than anticipated iPhone revenue, primarily in Greater China, accounts for all of our revenue shortfall to our guidance and for much more than our entire year-over-year revenue decline". Investors don't expect Apple to keep posting record-breaking iPhone sales figures every quarter.
"We believe the compensation paid to our named executive officers for 2018 appropriately reflects and rewards their contributions to our performance and is aligned with the long-term interests of our shareholders", the firm says. Cook doesn't sound anxious, though. We think about the long term. "The services are on a tear".
Cramer's full interview with Cook airs on CNBC tonight at 6 p.m.