CEO Tim Cook confirms new product categories for Apple later this year, following profits decline

Apple to introduce ‘exciting new product categories’ later this year

In a surprise move by Apple, CEO Tim Cook has hinted that the firm will release a host of new products later this year and throughout 2014.

Whilst remaining tight-lipped over the devices to be expected, the CEO confirmed that Apple will introduce "exciting new categories" beginning later this year.

Cook make the statement during the firm’s quarterly earnings call, which revealed Apple to have suffered a decline in profits, despite strong sales for both the firm’s iPad and iPhone devices.

The rare decline for Apple saw its profits slip to $9.5 billion, down from the $11.6 billion achieved just a year ago. However revenue continued to rise to $43.6 billion, an increase on the previous year’s Q2 effort of $39.19 billion.

Following the results, Cook made the admission that Apple’s momentum of success had finally begun to slow down.

"We acknowledge our growth rate has slowed," said Cook.

It’s comes as no surprise to see Apple confirm its work on new product categories, as analysts have long commented on the firm’s recent lack of innovation – something that is viewed as the key reason behind the fall in profits.

Whilst consumers eagerly expect new iPad and iPhone devices, Cook’s choice of "product categories" would indicate that Apple is looking to introduce a new device, potentially branching into the wearable tech category with the long-rumoured iWatch device.

Regardless of what the device’s may be, it’s obvious that Apple needs to do something in order to turn its fortunes around, particularly given that during Cook’s time as CEO, the only new product from Apple has been the iPad mini – hardly the firm’s finest example of innovation.

Check Also

Gemserv Acquired by Talan Group

Expert professional services firm Gemserv has been acquired by Talan, an International Consulting Group in …