tim cook
Latest
Tim Cook: Apple acquired 29 companies over the last 9 months
During the Apple's earnings conference call this past April, Tim Cook said that Apple was on the prowl for new acquisitions. And on the prowl they've certainly been. During yesterday's earnings conference call, Cook explained that Apple, in the last nine months alone, acquired a grand total of 29 companies. Intriguingly, only 9 of these acquisitions have been publicized, meaning that Apple snatched up 20 companies completely under the radar. Notably, the 29 figure quoted by Cook doesn't include Apple's $3 billion purchase of Beats as that deal hasn't officially closed. Cook's full statement on Apple's recent acquisitions: Not counting Beats, we've completed 29 acquisitions since the beginning of fiscal year 2013 including five since the end of the March quarter and we have brought some incredible technology and more importantly some incredible talent into Apple in the process. We are hard at work and investing heavily on exciting opportunities across our business and we have an incredible pipeline of new products and services that we can't wait to show you. Cook later added that Apple is always on the lookout for new acquisitions while noting that "we don't do things that aren't strategic." Some of the more interesting Apple acquisitions over the past 9 months include its $345 million purchase of PrimeSense this past November and its early May acquisition of LuxVue Technology, a company specializing in power efficient micro-LED technologies.
TUAW liveblog of Apple Q3 2014 earnings call at 5 PM ET
Just a reminder to TUAW readers that today at 5 PM ET, we will be liveblogging the Apple Q3 2014 earnings call. Come back a little bit before 5 PM ET to settle into the liveblog, and you can listen to the call on Apple's live stream of the event. Note that our liveblog tool auto-updates, there's no need to refresh the page at all. The festivities usually start around 4:30 PM ET when Apple publishes the quarterly figures, so expect to see some information here on TUAW outlining the results. At 5 PM, the call starts, usually with Apple CEO Tim Cook and CFO Luca Maestri at the helm. This is Maestri's first solo flight as the new CFO, but he was on last quarter's call to provide background and answers. The usual cast of characters from Wall Street will be playing "stump the executives" with their regular round of questions both insightful and inane. It's always entertaining as they try to pry future product plans out of Cook, Maestri and any other execs on hand for the call.
Tim Cook does 80% of his work on an iPad
Certainly one who practices what he preaches, Tim Cook told the Wall Street Journal this week that he does 80% of his work on an iPad. Apple Chief Executive Tim Cook says he does 80% of the work of running the world's most valuable company on an iPad. "There's no reason why everyone shouldn't be like that," Mr. Cook said in an interview, explaining why Apple struck a partnership with IBM to develop applications catered to big businesses, or enterprises. "Imagine enterprise apps being as simple as the consumer apps that we've all gotten used to. That's the way it should be." While the particulars of Cook's day-to-day iPad activity are anyone's guess, it certainly goes to show that Cook isn't blowing hot air when he talks about living in a post-PC era.
The TUAW Daily Update Podcast for July 14, 2014
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get some the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the player at the top of the page. Be sure that your podcast software is set up to subscribe to the new feed in the iTunes Store here.
How a Reddit user got Apple to improve its "on-hold" music
Like Steve Jobs, Tim Cook is known to read and sometimes respond to customer emails from time to time. In the most recent offbeat example, a Reddit user detailed how he once emailed Cook regarding the less than stellar music that would play when he was on hold with Apple. To his pleasant surprise, Cook responded and the music was replaced with something more pleasant to the ears. I once sent Tim an email about the quality of music while on hold with Apple. It was super low quality, therefore an upbeat rock song sounded like pure distortion and really aggravated me because I was on hold for 20+ minutes for something so simple (iPhone didn't turn on, needed to set up a repair as in my country no Apple Store = have to send it to another country). Much to my surprise a lady from Cupertino called me up the next day, saying she'd received a concerning email from Tim about ugly distortion hold music while on the phone, that Tim had tested this himself and agreed that something had to be done. She assured me that the hold music would be tested to make sure it sounded pleasant on all types of phones and connections. The next time I called Apple, the hold music was indeed very pleasant. Cook has previously stated that he receives upwards of 800 emails a day and that he reads most of them.
Apple shares video detailing participation in San Francisco Pride Parade
On June 29, the city of San Francisco held its 44th annual Pride parade, a cultural gathering of civilians and businesses showing their support for the LGBT community. Among those companies was Apple, who had thousands of employees -- including CEO Tim Cook -- show up to march in the festivities. Employees gave out free iTunes gift cards and wore special t-shirts to signify their support. Apple has posted a new video, set to Coldplay's "Sky Full of Stars" showing an overview of the company's experience during the Pride parade, from preparation to marching. In keeping with Apple's esthetics the clip is beautifully shot and edited. Here's the company's description of the video. On June 29, thousands of Apple employees and their families marched in the San Francisco Pride Parade. They came from around the world -- from cities as far as Munich, Paris, and Hong Kong -- to celebrate Apple's unwavering commitment to equality and diversity. Because we believe that inclusion inspires innovation. During the event Tim Cook tweeted out the following. Congrats to 5000 Apple employees/families who attended today's Pride parade.Inclusion inspires innovation.#applepride pic.twitter.com/4DncX8F6fO - Tim Cook (@tim_cook) June 29, 2014 Tim Cook has been a public supporter of LGBT equality cause, penning an editorial for the Wall Street Journal in support of the Employment Non-Discrimination Act last year. You can view Apple's Pride video below.
Tim Cook and Lisa Jackson help Apple celebrate LGBT Pride Parade in San Francisco
Apple has long been a supporter of LGBT equality and the company was out in force yesterday at the 44th annual Pride parade in San Francisco. Over 5,000 employees are estimated to have taken part in the parade, including CEO Tim Cook and Lisa Jackson, the company's recently hired environmental chief. On Sunday, Tim Cook tweeted out the following: Congrats to 5000 Apple employees/families who attended today's Pride parade.Inclusion inspires innovation.#applepride pic.twitter.com/4DncX8F6fO - Tim Cook (@tim_cook) June 29, 2014 At the parade, Apple employees handed out iTunes gift cards good for one free song download. The tweet below is from Jackee Chang, an employee on Apple's Final Cut Pro software team. Look what #applepride will passing out!!! #sfpride pic.twitter.com/Y8GSgPpBfn - jackee chang (@jackeechang) June 29, 2014 Also getting in on the action was Apple VP of Environmental Initiatives Lisa Jackson, who helped carry Apple's banner during the parade. Here we go. Honored to be a banner carrier Thanks #applepride pic.twitter.com/Jtmb7Mj9KO - Lisa P. Jackson (@lisapjackson) June 29, 2014 For a full recap of Apple's participation in the parade, make sure to peruse Twitter for the hashtag #ApplePride.
Jony Ive talks new materials and Tim Cook's involvement in the creative process
As an addendum to its recent profile of Apple CEO Tim Cook, the New York Times on Monday published the full transcript from its interview with Apple designer Jony Ive. The full interview contains a number of interesting tidbits, with Ive taking time to address issues as varied as the industrial design team he leads and Tim Cook's involvement in the creative process. Responding to a question about what it's like working with Cook, Ive explains: We meet on average three times a week. Sometimes those meetings are over in his space, sometimes here in the design studio. We all see the same physical object. Something happens between what we objectively see and what we perceive it to be. That's the definition of a designer – trying to somehow articulate what contributes to the way we see the object. Ive also added that Tim Cook has long been a part of Apple's design culture of excellence that Steve Jobs helped establish. Steve established a set of values, and he established preoccupations and tones that are completely enduring – and he established those principles with a small team of people. I've been ridiculously lucky to be part of it. But Tim was very much part of that team – for that last 15 or 20 years. Concluding, Ive didn't divulge what he and the creative folks at Apple are currently working on, though he did note -- in classically vague Apple fashion -- that the work involves materials new to Apple. I've worked for the last 15 or 20 years on the most challenging, creative parts of what we do. I would love to talk about future stuff – they're materials we haven't worked in before. I've been working on this stuff for a few years now. Tim is fundamentally involved in pushing into these new areas and into these materials. Intriguing, especially in light of Eddy Cue's recent statement that Apple's 2014 product pipeline is the best he's seen in 25 years. Materials-wise, it remains to be seen what type of tricks Apple has up its sleeve, though it is worth noting that the company last year partnered up with GT Advanced Technologies to manufacture a lot of sapphire. Further, Apple last month renewed its exclusive right to use metal alloys from Liquidmetal Technologies.
The TUAW Daily Update Podcast for June 16, 2014
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get some the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the player at the top of the page. The Daily Update has been moved to a new podcast host in the past few days. Current listeners should delete the old podcast subscription and subscribe to the new feed in the iTunes Store here.
Jony Ive on the Steve Jobs to Tim Cook transition: "Honestly, I don't think anything's changed"
With WWDC 2014 now behind us, many are holding up this year's developers conference as the moment when Tim Cook and Apple were able to finally step out of the long shadow cast by Steve Jobs. What's interesting, though, is that while those on the outside are often quick to contrast and compare Apple under Steve Jobs to Apple under Tim Cook, Apple executives themselves will be the first to tell you that not a whole lot about Apple's innovative and operational processes have changed. This, of course, is the result of Steve Jobs assembling a talented team of executives, engineers, and designers that continue to work within the framework of product development that he helped shape. Over the weekend, the New York Times ran a profile on Cook wherein Apple design guru Jony Ive explained that it's still business as usual over at 1 Infinite Loop. "Honestly, I don't think anything's changed," Ive explained, noting that the central mission of Apple remains innovation. "Steve established a set of values and he established preoccupations and tones that are completely enduring," Mr. Ive said. Chief among them is a reliance on small creative teams whose membership remains intact to this day. The philosophy that materials and products are intertwined also continues under Mr. Cook. This brings to mind a statement made by Apple executive Eddy Cue just a few weeks ago. While speaking at the first annual Code Conference, Cue explained that the passing of Steve Jobs did not necessitate Apple having to "reset" but rather transition. While Apple in a broad sense hasn't changed, there are of course differences in how Cook and Jobs personally involved themselves with Apple's product designs. If Mr. Jobs was maniacal about design, Mr. Cook projects "quiet consideration," Mr. Ive said. Mr. Cook digests things carefully, with time, which Mr. Ive said "testifies to the fact he knows it's important." Lower-level employees praise Mr. Cook's approachability and intellect. But some say he is less hands-on in developing products than his predecessor. This of course shouldn't come a surprise to many as even Steve Jobs noted in his biography that Tim Cook isn't necessarily a product guy. Nonetheless, Apple under the helm of Tim Cook has soared to new heights. The company's share price (adjusted for stock splits) is on the brink of an all-time high while iPhone sales figures continue to impress even the most cynical of analysts. Though critics have been quick to call out the Cook-era at Apple for having no new innovative products or product categories to speak of, Eddy Cue recently said that Apple's 2014 product lineup is the best he's seen in 25 years. Suffice it to say, it's going to be an interesting Fall.
Apple's WWDC 2014 in numbers: 40 million on Mavericks, 800 million iOS devices and billions of apps
Charts, graphs and stats: These are the things Apple keynotes are made of, and today's WWDC 2014 kickoff was no different. CEO Tim Cook took to the stage this morning at the Moscone Center in San Francisco armed with enough numerical ammunition to put your best boardroom PowerPoint Keynote to shame. Cook kicked things off boasting that over 40 million copies of OS X Mavericks have been installed and more than 50 percent of the install base is working on its latest OS. He went on to point out that while PC sales continued to slip (down 5 percent, according to Cook), Apple's computer sales are growing.
Tim Cook explains the motivation behind Beats acquisition
Confirming earlier reports, Apple today officially announced a blockbuster deal to acquire Beats Electronics for $3 billion. While the notion of Apple acquiring Beats initially resulted in a slew of questions and raised eyebrows, the wisdom of the acquisition now makes a lot more sense; digital downloads are on the decline as consumers increasingly flock towards streaming services like Pandora and Spotify. As former eMusic CEO Adam Klein explained, Apple's late to the party and "this is the quickest way to get there." In conjunction with Apple's announcement of its Beats acquisition, Tim Cook granted interviews to a few select publications where he explained in further detail the impetus behind the acquisition along with more details as to how Beats will operate under the Apple umbrella. In an interview with the New York Times, Cook heaped praise upon Beats co-founders Jimmy Iovine and Dr. Dre while also highlighting the professionally-curated musical playlists that differentiate the Beats subscription service from other offerings. "These guys are really unique," Cook explained. "It's like finding the precise grain of sand on the beach. They're rare and very hard to find." In a separate interview with the Wall Street Journal, Cook elaborated: "We love the subscription service that they built - we think it's the first one that really got it right." On this note, it's worth pointing to an Engadget review of the service from this past January: On the whole Beats has succeeded at building a mobile-first service that offers something its competitors don't. The human-curated playlists are top notch and features like The Sentence allow users to create a more unique listening experience than simply starting a radio station based on a song or artist on Pandora. Returning to the rationale for the decision, many wondered before the deal was made official why Apple wouldn't simply create its own subscription service. To this point, Cook, who called the deal a "no-brainer", articulated that Apple's isn't always concerned with building everything themselves, noting that Apple over the last year has acquired 27 companies. Could Eddy's team have built a subscription service? Of course. We could've built those 27 other things ourselves, too. You don't build everything yourself. It's not one thing that excites us here. It's the people. It's the service. Cook subsequently added that buying Beats gives Apple a "head start" on rolling out a subscription service. The Beats brand will remain intact under the Apple umbrella, and with both Dr. Dre and Jimmy Iovine joining the fray at Apple full time, Cook confidently stated that the two will help Apple take music to new heights. The most in-depth interview Cook gave was to Re/Code where both he and Jimmy Iovine talked all things music. There, Cook explained that music has always played an integral role in society and culture; and Apple, which views itself standing at the intersection of technology and liberal arts, has long believed that music runs deep in its DNA. What Beats brings to Apple are guys with very rare skills. People like this aren't born every day. They're very rare. They really get music deeply. So we get infusion in Apple of some great talent. We get a subscription music service that we believe is the first subscription service that really got it right. They had the insight early on to know how important human curation is. That technology by itself wasn't enough - that it was the marriage of the two that would really be great and produce a feeling in people that we want to produce. One thing's for sure, Tim Cook is putting his own stamp on Apple.
Tim Cook says Apple could have built a subscription music service, but didn't need to
"Could Eddy's [Cue] team have built a subscription service? Of course." That's what Apple CEO Tim Cook told the New York Times today following the announcement that it had acquired Beats Electronics. But the fact of the matter remains, the company didn't. Instead it went out and purchased a pre-existing service. As the digital music industry shifted away from paying for individual tracks and albums towards an all-you-can-eat model, iTunes stuck to its guns. That's left Cupertino in the slightly odd position of not being at the forefront of innovation in the industry. Observers have been suggesting that Apple would launch it's own Spotify killer any day now, but Tim Cook seems to believe the company's resources would be better used else where. "We could've built those 27 other things ourselves, too," referencing the 27 other companies acquired over the last year, "you don't build everything yourself." That's especially true if you think that you're buying the "first subscription service that really got it right," as he told Re/code.
The TUAW Daily Update Podcast for May 14, 2014
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get some the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the player at the top of the page. The Daily Update has been moved to a new podcast host in the past few days. Current listeners should delete the old podcast subscription and subscribe to the new feed in the iTunes Store here.
The Onion: Apple to re-arrange earth to match Maps app
Now this is just funny. A hilarious video from The Onion states that Apple will respond to errors in its Maps app by rearranging the earth and its physical laws so that they match. Tim Cook is "quoted" in the parody as saying, "Apple is committed to making the best user experience possible. That's why we are working to dismantle the Brooklyn Bridge and put London in Canada." Very funny. Apple Promises To Fix Glitches In Map Software By Rearranging Earth's Geography
With dividends and stock buybacks, Tim Cook forges a path separate from Steve Jobs
"This would have never happened if Steve Jobs were still alive." When it comes to Apple, this is a quip that's repeated so frequently that it has essentially become a laughable cliche. The aforementioned quip is typically bandied about whenever Apple makes a misstep or even takes a step in a new direction. More often than not, folks who use this blurb employ it derisively, usually trotting it out when criticizing Tim Cook's ability to ably steer the massive ship that is Apple. The thing is, not every idea Steve Jobs had was golden. Not every decision he made was a smart one. Which is to say, sometimes Tim Cook deviating from what Steve Jobs would have done is actually a good thing, if only to prove that Cook and Company aren't falling prey to "What would Steve Jobs do?" syndrome. Apple needs a leader who is able to make smart, informed, and often difficult decisions. Dwelling on what Steve Jobs may or may not have done impedes that ability, and Tim Cook, to his credit, has had no problem putting his own stamp on the way Apple does things. One such example of Tim Cook deviating from what Steve Jobs would have done was Apple's 2012 announcement that it would start paying a substantial $2.65 cash dividend to investors and repurchasing its own shares on the open market. One year later, Apple increased the dividend payout to $3.05. And one year after that, it was increased to $3.29. In the process, Apple has paid out billions of dollars to investors in a relatively short time period, quickly making the company one of the largest dividend payers in the world. Over and above that, Apple since 2012 has repurchased millions upon millions of its own shares on the belief that the stock is undervalued. "This never would have happened if Steve Jobs were still alive." Now in this scenario, that's likely true. Jobs was averse to paying out dividends and repurchasing shares, even when Apple's cash hoard reached levels beyond what the company actually needed to run its business. Interestingly enough, Jobs at one point even consulted with noted investor Warren Buffett about Apple's ever increasing stockpile of cash. Buffett advised Jobs to repurchase shares of Apple though Jobs chose to just do nothing with Apple's cash. According to Buffett, Jobs simply "liked having the cash" around. Funny enough, Buffett recalled during a 2012 interview on CNBC that Jobs wasn't exactly forthright with others with respect to the the advice he had given the Apple CEO. He told me they would not have the chance to make big acquisitions that would require lots of money... And then I asked him the question, I said .. 'I would use it for buybacks if I thought my stock was undervalued.' And I said, 'How do you feel about that?' The stock was 200-and-something. He said, 'I think my stock is very undervalued.' I said, 'Well, what better to do with your money?' And then we talked awhile. And, he didn't do anything, and of course, he didn't want to do anything. He just liked having the cash. It was very interesting to me because I later learned that he said I agreed with him to do nothing with the cash. (Laughs.) He didn't want to repurchase stock although he absolutely felt his stock was significantly underpriced at two-hundred and whatever it was then. Sometimes, the "This would have never happened under Steve Jobs" line is actually a compliment.
The TUAW Daily Update Podcast for April 24, 2014
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get some the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the player at the top of the page. The Daily Update has been moved to a new podcast host in the past few days. Current listeners should delete the old podcast subscription and subscribe to the new feed in the iTunes Store here.
Tim Cook calls mobile payments an "interesting area" in new WSJ interview
In the wake of Apple's stellar earnings report, CEO Tim Cook sat down for a brief interview with the Wall Street Journal. Echoing a sentiment he put forth during the company's earnings conference call, Cook explained Apple's underlying goal is to release the best products as opposed to rushing products to market as quickly as possible. "To do things really well, it takes time," Cook explained. "You can see a lot of products that have been brought to market where the thinking isn't really deep and, as a consequence, these things don't do very well." While Cook of course didn't spill the beans as to any upcoming products or services, he did reference the fact that Apple has nearly 800 million consumer credit cards on file and that mobile payments is an "interesting area." I think it's a really interesting area. We have almost 800 million iTunes accounts and the majority of those have credit cards behind them. We already have people using Touch ID to buy things across our store, so it's an area of interest to us. And it's an area where nobody has figured it out yet. I realize that there are some companies playing in it, but you still have a wallet in your back pocket and I do too which probably means it hasn't been figured out just yet. And lest anyone think that Cook is just casually discussing areas he finds somewhat interesting, note that this isn't the first time Cook has brought up mobile payments. In fact, during Apple's last earnings conference call, Cook flat out said that Apple finds mobile payments "intriguing" and that "it was one of the thoughts behind Touch ID." While no Apple product or service is ever a sure thing until an Apple executive takes the stage and announces it, it's worth highlighting a recent report from Re/Code which claims that Apple in recent weeks has been interviewing experienced executives from the payments industry. The company has been meeting with potential applicants for two new positions at Apple focused exclusively on building a business around the hundreds of millions of credit cards it already has on file. Apple is seeking to fill head of product and head of business development positions... Lastly, Cook had this to say about Apple's upcoming product line: "I feel great about what we've got coming. Really great and it's closer than it's ever been."
Lunch with Tim Cook up for auction
Have a couple of hundred grand burning a hole in your pocket? Want to ask Tim Cook some burning questions about the iWatch or Apple HDTV? Now's your chance! CharityBuzz and The Robert F. Kennedy Center for Justice and Human Rights announced the 8th Annual RFK Center Spring Online Auction, with lunch with Tim at Caffè Macs on the slate of celebrity experiences up for grabs. Bids for the one-on-one lunch meeting started at US$10,000; the experience is valued at $100,000. Last year, a coffee meeting with Cook raised $610,000 for the RFK Center. This year you'll be able to dine on oysters, crab-crusted red snapper, vegetarian curry, pizza, or anything else you want, all while annoying Apple's CEO with your insistent questions about "future products." As of publication time, the only bidder was Scot Wingo, CEO of Channel Advisor. Surely someone would be willing to give me $350,000 or so, and I'll ask Tim your question for you... You have just under ten days to make your bid on lunch with Tim. Photo of Caffè Macs by Yelp user Jing Y.
Tim Cook says Apple is "on the prowl"; acquired 24 companies in the last 18 months
During Apple's earnings conference call yesterday, an analyst pointed out that companies like Google and Amazon are increasingly diversifying their business while Apple doesn't seem to be following suit. The analyst subsequently asked about Apple's business philosophy and laser like focus given the company's vast cash reserves which might otherwise allow them to make some interesting acquisitions and content deals. Cook answered, in part, that Apple was "on the prowl" and that they actually acquired 24 companies in the last 18 months alone. From an acquisition point of view, we have done 24 in 18 months. That shows that we're on the prowl, I suppose you could say. We look for companies that have great people and great technology and that fit culturally. And we don't have a rule that says we can't spend a lot or whatever. We'll spend what we think is a fair price. What's important to us is that strategically it makes sense and that it winds up adding value to our shareholders over the long haul. We are not in a race to spend the most or acquire the most. We're in a race to make the worlds' best product that really enrich people's lives. So, to the tune that acquisitions can help us do that and they've done that and continue to do that, then we will acquire it. And so you can bet that you will continue to see acquisitions and some of which we'll try to keep quiet and some of which seems to be impossible to keep quiet. Indeed, the rate at which Apple is snatching up companies has accelerated in recent years. Whereas Apple acquired just 6 companies that we know of in 2011 and 2012 combined, the company in 2013 alone acquired 15. Some of these acquisitions include PrimeSense, Passif Semiconductor, WiFiSlam, Nouvauris Technologies, and a slew of mapping apps. In a previous earnings conference call, Cook said that Apple isn't afraid to pull the trigger on a blockbuster deal (read: in the billions) if the numbers and strategic fit were appropriate.
