Tim Cook is Very Bullish on Tablet Market
By Athena Yenko | July 24, 2014 12:27 PM EST
Apple's CEO, Tim Cook, admitted that reported sales of the iPad for its third quarter disappointed investors; however, he remained bullish of the tablet market.
Apple's iPad sales for the June quarter were off 9.2 per cent year-over-year as the company only sold 13.28 million iPads.
Cook acknowledged that the iPad sales were down due to diminishing channels and slow movements in the U.S. and Western Europe.
However, he said that he is "very bullish about the future of the tablet market" as statistics showed that Apple remains the leader in the tablet market with half of the sales of the iPads coming from first time or new buyers.
He kept mum on the future innovations from the company, but he joked about Apple cooking new products across categories - hardware, software and services, especially with the company's recently announced partnership with IBM.
He said that the most important thing for Apple right now is that its customers are enjoying their iPads and that they used their gadgets greatly.
For Apple's third quarter results, the company's board of directors announced a cash dividend of $0.47 per share of the company's common stock to be paid on Aug 14 to shareholders of records as of the close of business on Aug 11.
"Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued growth of revenue from the Apple ecosystem, driving our highest EPS growth rate in seven quarters. We are incredibly excited about the upcoming releases of iOS 8 and OS X Yosemite, as well as other new products and services that we can't wait to introduce," Cook said during the announcement.
"We generated $10.3 billion in cash flow from operations and returned over $8 billion in cash to shareholders through dividends and share repurchases during the June quarter. We have now taken action on over $74 billion of our $130 billion capital return program with six quarters remaining to its completion," Luca Maestri, Apple's CFO added.
Apple is providing the following guidance for its fiscal 2014 fourth quarter:
- revenue between $37 billion and $40 billion
- gross margin between 37 per cent and 38 per cent
• operating expenses between $4.75 billion and $4.85 billion
- other income/(expense) of $250 million
• tax rate of 26.1 per cent
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