Tim Cook On Apple: It's My 'Error' I Haven't Stressed Chinese Middle Class Growth More
Apple Inc. (NASDAQ: AAPL) has declined for eight consecutive days -- its worst stretch since 1998. CEO Tim Cook joined Jim Cramer on CNBC's "Mad Money" to alleviate concerns about the Cupertino-based tech giant when he was asked about the company's presence in China.
A lack of commentary on China's middle class in the last two conference calls is something that's concerned some investors, Cramer explained, adding that he parsed through every detail of the transcripts and couldn't find any discussion. China was been a consistent area of expansion for Apple, notching near 100 percent year-over-year growth for four consecutive quarters within the last two fiscal years.
When asked about his lack of discussion on China of late, he admitted, "it's my error." Cook said China's middle class has grown from 50 million to 500 million in a matter of years, unprecedented economic growth.
Cramer, lastly, asked Cook about any future innovation at Apple. "We're extremely excited about what we're working on," he said, before saying that Apple is very secretive about its future projects. Cook did reiterate he thought the Apple Watch can still be a game-changer, explaining he believes investors will look back and ask how consumers could have ever lived without the wearable device.
Apple stock was nearly flat in Monday's after-hours session, near $93.77.
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