Tim Cook: Apple ‘loves to work on’ products where ‘hardware, software, and services come together’

Apple CEO Tim Cook answered questions today during a live Q&A following the company announcing its earnings for the first fiscal quarter of 2021, reporting all-time record revenue of $111.4 billion, up 21 percent year over year.

Morgan Stanley’s Katy Huberty asked Cook during the session what Apple looks for when considering new markets, asking if he could provide a framework for how the company considers new opportunities.

As always, Cook kept tight-lipped during the call however, he did offer some insight into the mix the company “loves to work on”.

The framework that we use is around ‘Is this a product that we would want to use?’ That’s a pretty high bar. Is it a big enough market to be in? Unless it’s an adjacency product, then it’s about customer experience, Cook said. There’s no set way that we’re looking at it. No formula. But we take into account all of those things.

Cook said Apple is attracted to new opportunities where hardware, software, and services can come together.

The kinds of things we love to work on are those where there’s a requirement for hardware, software, and services to come together. Magic occurs at that intersection

No mentioning of what new markets Apple is exploring was shared, of course, however, rumors suggest the company is exploring new AR/VR hardware as well as an all-new self-driving electric vehicle.

Image: Xhakomo Doda