Big quote: “If you zoom out into the future, and you look back, and you ask the question, ‘What was Apple’s greatest contribution to mankind?’ It will be about health,” Cook said.
In a lengthy interview with CNBC’s Jim Cramer (watch below), Apple CEO Tim Cook touched on iPhone sales, wearables, services, legal disputes, and Apple’s outlook on the future. Despite some troubles in 2018, Cook is confident that 2019 will be a great year for Apple.
While the company is most known for the iPhone, they generated a staggering $100 billion in revenue from other products. This number is up 19% from the previous year and Cook wants to continue to see that number grow. He stated that current revenue from wearables is 50% more than the iPod at its peak. Counting the total revenue brought in since the products were launched, the Watch and AirPods have generated 4-6 times as much as the iPod.
Cook also highlighted the importance that Apple’s services such as iTunes, the App Store, and Apple Music will have in 2019. He wants to see this portion of Apple double in revenue by the end of 2020. To meet this goal, Apple has been working on several new “material” services which they plan to launch this year. One major area for these new products and services will be in personal health.
Cook is optimistic on trade relations and believes US-China regulations will be updated to reflected a more global economic landscape. Apple’s stock grew to record highs last year before taking a big hit in the last quarter after Wall Street grew concerned over iPhone sales and production issues. Cook says he’s “heard this over and over again” and isn’t worried.
The interview then touched on Apple’s legal battle with Qualcomm. Cook made it clear that this case will keep raging on for a long time to come with little chance of a settlement. He views Qualcomm’s actions regarding patents and licensing as illegal.