As mentioned earlier today, Tim Cook is speaking momentarily at the 2015 Goldman Sachs Technology and Internet Conference where his remarks will be live streamed, and below we’ll update with the latest from the Apple CEO. In previous years, Cook has used the platform to share insight about product performance including the Apple TV and tease future roadmaps as the CEO often does. Today’s appearance follows Apple’s record quarter for any company with more than $74 billion reported in revenue and over 74 million iPhones sold. Apple is also positioned to release the Apple Watch in April, Cook recently mentioned, so today’s remarks should be interesting. expand full story
February 10, 2015
Tim Cook will speak at the Goldman Sachs Technology and Internet Conference, starting later today. Apple will offer live audio of Tim Cook’s section of the conference. It is unclear how Tim Cook will feature at the event, whether it is an interview or a predefined talk. In previous years, Cook has generally discussed the state of Apple and the wider industry in a loose interview format. You can listen to the live audio here at 12:30 PM Pacific Time.
August 26, 2014
March 3, 2014
Apple Chief Financial Officer Peter Oppenheimer has joined the Board of Directors of investment banking firm Goldman Sachs. Oppenheimer is an independent director for the company,
and this has no effect on his current leadership position at Apple (update he just retired, oh well).
“Peter’s 25 years of broad experience across important industries will add a valuable perspective to our Board of Directors,” said Lloyd C. Blankfein, Chairman and CEO. “We appreciate his willingness to serve as a director and look forward to benefitting from his judgment and counsel.”
As an experienced CFO, Oppenheimer’s financial aptitude will likely be beneficial for the investment behemoth. “Oppenheimer will be a member of each of the firm’s Audit, Risk, Compensation and Corporate Governance, Nominating and Public Responsibilities committees,” according to Goldman Sachs…
February 11, 2013
Apple announced today on its Investor News page that CEO Tim Cook, like in previous years, is scheduled once again to speak at the upcoming Goldman Sachs Technology and Internet Conference. Apple will make a live webcast available for anyone who wants to listen to live-streaming audio from the conference call. Cook’s talk is scheduled for 7:15 a.m. PST on Feb. 12 and will be available to stream from Apple’s website.
If you miss the live broadcast, Apple will most likely post audio of Cook’s full talk after the event as it did last year. You can listen to Cook’s presentation from the 2012 Goldman Sachs conference here.
June 15, 2012
May 23, 2012
February 15, 2012
Yesterday we brought you some of the highlights from Apple CEO Tim Cook’s presentation at the Goldman Sachs Technology and Internet Conference, and now Apple made the conference’s audio available on its website. While Apple usually uses the conference to discuss numbers and trends, Cook gave us some hints at what’s next for Apple TV, and he also discussed worker safety following media attention over its supply chain abroad.
expand full story
February 13, 2012
September 28, 2010
Just in case you haven’t guessed already, the analysts over at Goldman Sachs are speculating the next-generation iPad will appear next year, in the second quarter, to be exact.
They anticipate the new Apple (AAPL) tablet will host a 9.7-inch display and will be thinner and lighter than before. We’re also going to see a built-in camera and a mini USB connection – perhaps in anticipation of upcoming European standardization on the interface. expand full story
July 14, 2010
February 23, 2010
You can hear the audio here.
Update: We’ve pasted the full text of Cook’s Q&A below:
4:08 Clapton’s “Change the World” is playing leading up the presentation. Now “Sunny Came Home.”
4:09 Getting underway. Tim Cook reads disclosure.
4:10 Q&A begins. Steve Jobs was very clear about leadership in mobile devices. Is that how we should think about Apple at this point? Tim Cook: Yes. Let me elaborate. If you look at Dec. quarter results, which included revenues of almost $15.7 billion, as we compared ourselves to every other company in the world, including Sony and Nokia and Samsung, which now have huge mobile device businesses, we found out we were the largest in the world, measured by revenues.
4:11 How are you channeling resources differently? Transition to mobile devices began in 1991 with first introduction of portable product for Apple with introduction of the TFT screen. During that time, the Mac business has become a predominantly mobile device business. Huge difference between us and the balance of the industry in portable share.
4:12 Ah, a history lesson. Going through all the mobile devices Apple has ever launched. Vast majority of Apple’s revenue now comes from mobile devices and content purchased for those devices. Believe we’re well positioned to do extremely well because we can seamlessly offer software and hardware.
4:13 Who are biggest competitors and who are biggest partners? Tim Cook: I wish the world were that simple. Many people you can’t cleanly put in one or another. Take Microsoft. In Microsoft, we love the Mac Office division. They do a great product and we partner with them and work with them very tightly. Most of the balance of Microsoft we compete vigorously against, in OS, in mobile OS, etc. If you look at Google, I would say Google is similar in that respect. We partner with them in maps, in search for most of our products, but we also compete with them in the mobile OS space and now in the hardware phone space. So, it’s difficult to put people in one camp or the other always. There are some companies like the media companies where we partnered with so well that Apple is now selling billions of dollars of digital content.
4:15 Also companies like carriers where we partnered with to bring iPhone to in 86 countries. Ones that draw the most attention are the ones that are more complex, where we’re both competitors and partners.
4:16 Apple TV is still a hobby. We’ve been very clear about that. The reason that we call it a hobby… if you look at the other businesses we’re in, these businesses are all in huge markets. The unit volumes in these things is huge. Apple TV is in a market that’s very small. Today. Apple TV did grow in the quarter we just finished by 35% in a unit basis year-over-year.
4:17 No interest in going into the TV market. But still think there’s something there. So we continue to invest in this as a hobby.
4:18 iMac is very key, will continue to be very key. I think people will continue to want a very gorgeous large screen, all-in-one, simple to use, very elegant machine, we’re going to continue to deliver it.
4:19 Where growth coming from going forward? Here’s the exciting thing. If you take a look at the Mac, the Mac has outgrown the market 20 of the last 21 quarters. 5 years in a row. Has outgrown the market. And in many of those quarters, outgrew it by multiple. The PC industry is over 300 million units per year. Last fiscal year, Mac did over 10 million units. Ceiling is far above. Continue to invest in enormous amount of energy and talent in the Mac. Doesn’t take Market growth. 50% of customers in Apple store are from Windows.
4:20 iPod touch has been a runaway hit, and it helps the platform that you’re talking about. If you look at the iPod touch, it grew 100% last fiscal year. 55% y/y last quarter. Each fuels more app sales, more developers. iPad? Haven’t sold one yet. A lot of interest in it. I’ve been using one for 6 months or so, I’ll tell you the experience is just absolutely incredible. Can’t wait to start shipping it.
4:21 iPhone, I feel we’ve just gotten started.
4:22 Over 3 billion downloads on app store, over 140,000 apps for sale, these are incredible numbers. Who would have dreamed of these? I see opportunity all over the place.
4:23 The word “complete” is not in our dictionary. We’re all about innovation. Many times that means we’re all about obsoleting ourselves. Going to continue to make things better and going to continue to innovate. I’d say the ecosystem is really good, the platform is really good. Certainly all the foundation is in place. Will it get better? Clearly yes. But great now.
4:24 iPad new use case or replacement for netbooks? We haven’t sold one. I’m a paranoid guy by nature, but I’m not losing any sleep over cannibalization, to be honest with you. Who would buy it? I’ve been very clear about my view of netbooks. I think they are an experience that most people will not want to continue to have. People were interested in the price and they got it home and used it and went ‘Why did I buy this?’ so I think when somebody looks at iPad and compares it to a netbook, I find it hard to believe that people are going to buy netbooks. Not everyone will make the comparison so I’m not suggesting that. But I think what I’d rather do with this question is report back to you.
4:26 iPad will launch in direct channel first, and indirect channels where we have assisted sales, such as store-in-store at Best Buy, and Internationally, Apple Premium Resellers. Initially, it will be around places with really great assisted sales. Over time, it will expand. Where it goes and how fast it goes, we’ll see.
4:27 Why so cheap? We didn’t want to leave pricing umbrella for competition. For those who haven’t focused on this, it has best browsing experience you could ever imagine. Very anxious to start getting it out.
4:28 Extended key partnership with AT&T. Can you talk about advantages and disadvantages of having exclusive agreement? The primary advantages on a single carrier model, and I’ll talk about the iPhone, is simplicity and in some cases, we’re able to innovate along with the carrier and provide a feature it would be difficult to work with multiple carriers and provide. We brought visual voicemail to market, which took innovation from Apple and carrier partner. On a multi-carrier model, the question is, can you sell more units? And so what that gets at is, in some countries, carriers have very sticky relationships with their countries, so having more carriers and more distribution allows you to sell more units. If you look where are from the end of our Q1 in December, if you looked at top 10 iPhone countries, 5 were single carrier countries. 3 of those we had a contractual exclusivity, 2 we can add carriers when we desire. Across 2009, we added carriers in France, UK, Singapore, several Scandinavian countries. A great deal of our work on distribution side was expanding carriers in existing countries. Pleasantly surprised that in every single country, our units increased significantly, and our share with it. Feel like we made really good decisions. Not saying we would do it in every country. But that was our experience with the ones we did it in 2009. We do it on country by country basis.
4:32 Would another carrier need to match pricing on iPad to become carrier for it? I think AT&T’s pricing is revolutionary. (Unlimi
ted data for $30/month, 250 MB for $15/month.)
4:33 Talked a little before about virtuous cycle we have with devs. How do you protect user experience as developers go out and develop products? This is the privilege and curse of technology. Same as you’d see in PC world; at some point, if you include every hardware you’ve ever shipped, you stifle innovation. Because we’ve done this for so long, I feel like we’ve come to a really intelligent conclusion on these each time. I think that’s part of our knowledge and heritage as a platform provider.
4:35 Which way is OS market moving? I don’t see it as this or that — iPhone vs. Mac — or this over that. I think there is a place for both. What you’re seeing for Apple is that the Mac OS is very scalable. Huge competitive advantage for Apple. Use the Mac OS in a lot of products. Don’t think there’s another company that can use the foundation of their OS that way. Move at a fast speed with many fewer people than it would take if we were geographically north. (Slap at Microsoft.)
4:36 Our surveys indicate Mac and iPhone are attracting significant interest in enterprise. What are you doing?
4:36 For the iPhone, 70% of Fortune 100 companies in US are either deploying iPhone or currently testing for deployment. 50% of the FT 100 are doing the same thing. Huge uplift in interest as we went to iPhone 2.0 software and then 3.0 because we put a number of enterprise features in the software. We clearly see this continuing. On Mac side, amazing how many CIOs are now visiting Apple and are interested in the Mac. We haven’t put on a huge channel, and don’t have a huge sales force, but many CIOs that once thought standardization was the most important thing in life, they now look at salaries of people and the importance of having peoples’ creativity at peak, and are increasingly allowing employees to decide. This helps Apple immensely.
4:39 I think people in general and they think enterprise is bigger than consumer. But it’s not. In PCs, it’s 10%, which is sizable, but consumers are over 50%. Our heart and soul and DNA is in consumer. It just so happens there are consumers working in enterprises who want to use these products.
4:41 People are looking at this differently. At least the people with a lot of vision are.
4:41 Just short of 300 stores. Ron Johnson has built a retail team Bar None. We went into retail not as a test, not as pilot, but to sell to consumers, because many wanted it. We knew we’d never have enough stores to cover the world. So after we got going, we set a range of 25-50, reasonable range we could execute really well. Made a strategic call in 2008, we thought we’d see many more opportunities — some top properties would come on the market with better economics. And guess what? Now, there’s a lot of great properties on the market. So we’re going to do about 50 this year. We’ve always had the team to do 50. It’s not easy to do, it’s very hard to do. But we’re going to do it. We didn’t lower the bar at all. These stores are among the best we’ve ever done. If you haven’t been to NYC Upper West Side store, it will make your jaw drop. Next time you’re in Paris, go to the Louvre; it’s just amazing. Another store in China in Shanghai in the summer that is mind blowing. Another one in London that will also drop your jaw.
4:45 New chip. Apple has been in silicon design business for years. Not new to us to be in silicon design business. As we looked at some of the products that we are doing like the iPad, and some we will do in the future, we felt that we had the best knowledge of what we wanted the silicon to do. And were in the best ability to deliver that ourselves versus going out to somebody else and buying something that wasn’t exactly what they wanted.
4:47 Acquisition strategy: Historically, we have acquired companies for technology and talent. And they have been on the small size. We’ve looked at large companies, but we have not had a large company pass a strategic and a financial test. We don’t let our money burn a hole in our pocket. Unless we find something that really makes sense for Apple shareholders, we’re not going to do it. The small ones have been incredibly valuable for us, mainly from the talent POV, but also from technology. If we find a large one, we won’t be shy about it. But we won’t do it to do it. We have never been about being the biggest, we’ve always been about making the best products. Not having highest market share or most revenue. Acquiring something that makes our revenue go higher wouldn’t be a reason why we’d buy a company.
4:49 How do you stop hubris from creeping in? Executive team in the company spends a lot of time thinking and discussing how to retain and recruit the best talent in the world. At the end of the day, I know it’s a cliche, but people are our most important asset in the world by far. It’s people who deliver innovation. We are the most focused company that I know of or have read of or have any knowledge of. We say no to good ideas every day. We say no to great ideas in order to keep the amount of things we focus on very small in number so that we can put enormous energy behind the ones we do choose. The table each of you are sitting at today, you could probably put every product on it that Apple makes, yet Apple’s revenue last year was $40 billion. I think any other company that could say that is an oil company. That’s not just saying yes to the right products, it’s saying no to many products that are good ideas, but just not nearly as good as the other ones. I think this is so ingrained in our company that this hubris you talk about that happens to companies that are successful and sole role in life is to get bigger, I can tell you the management team at Apple would never let that happen. That’s not what we’re about. Small list of things to focus on.
Apple’s COO will be talking tech with those exciting investment bankers today in San Francisco at 1:10pm PT (4:10 ET). We’re not expecting anything groundbreaking but Apple execs often drop little hints in their public statements. We’ll be listening in on Apple’s #2 and report back anything of interest.
August 4, 2009
Here’s an interesting tip from Silicon Valley Insider – a recent Goldman Sachs survey shows that while RIM continues to dominate that sector of the smartphone market, Apple’s iPhone is making strong headway, with approximately half of all iPhone users employing their device for both business and personal use.
July 6, 2009
We saw the Airstrip medical app at WWDC. CNBC follows up with a real doctor-patient case study:
"It gives us the opportunity to access crucial patient data and the stuff we need to manage the patient any place we are," Dr. Alan Fishman tells us. "It gives us a very accurate picture of what is going on from a moment to moment basis." The Airstrip software is now used by 2,000 doctors in 100 hospitals nationwide, each paying hundreds of dollars a month in subscription fees. The software took years to develop, with Airstrip now celebrating its sixth year in business.
"With Airstrip, we provide physicians with real time, remote access to critical patient data, any time, anywhere, on their mobile device, with just a cell phone connection," Dr. Cameron Powell, the company’s president tells us. "It allows the physicians to utilize that internet connection, which is the cell phone signal, to obtain these data…so from the patient safety standpoint, it is critical to be able to deliver these kinds of data to a doctor anywhere they have a cell phone connection."
January 14, 2009
May 28, 2008
On strength of the multiplicity of soon-available applications, Apple will sell 20 million iPhones by the end of 2009, selling another 10 million in 2010, says Goldman Sachs.
"Third-party applications will differentiate the iPhone from a growing number of its smartphone competitors,” analyst David Bailey told The Financial Post. The analyst pointed out that deployment of Mac OS X on the device offers a “more robust” application development environment for developers, with the App Store promising a much better user experience, likely to sell more applications than existing smartphone application purchasing systems.
The analyst predicts applications will cost between 99-cents and $29.99, depending on how sophisticated the apps are, he also anticipates some smaller software solutions will be made available at no charge to iPhone users.
Predicting a huge number of applications for the device, the analyst pointed out, “Apple’s expanding addressable market for iPhone applications, in turn, should attract software developers’ interest and development resources, leading to a broader selection of third-party applications available at the App Store.”
Meanwhile, the pre-release hype for the next-generation device and continued anticipation for the upcoming iPhone Software 2.0 remains. The existing model is in ever-shorter supply worldwide, prompting Roger Entner, senior vice president at market research firm IAG Nielsen to observe Apple to be managing supply to prevent disappointing customers. “You can say what you want about Steve Jobs, but he’s learning from his mistakes. They are cleaning out the supply channel.”
A wave of recent deals with mobile telecoms firms suggests Apple hopes to sell millions of units of the device within weeks of its debut, with the only major countries without an iPhone distribution agreement at present being Japan, Russia and China. Apple has otherwise inked deals that mean the iPhone will be available to over 600 million mobile phone users worldwide (estimated). At present, the device, which has sold just over five million units, is available to a potential 153 million users.
Mobile networks now concede iPhone users are colossal consumers of data bandwidth – mainly because the device actually lets them use such connectivity in a useful and approachable way. T-Mobile iPhone customers consume 30 times more data than its other wireless customers, the New York Times claims.
You might notice that 9to5Mac has changed. Indeed so has the whole network. Long before the page size/speed and advertising controversies, we knew that we needed to rethink how we presented ourselves.
While we were one of the lightest and fastest sites in our field, our feature creep and advertisers were adding complexity and page load times, which is especially crucial on mobile – an ever expanding percentage of our growing audience.
We decided to start over… expand full story
July 21, 2015
Apple earnings day is here at last. Catch up on the company’s latest results here while we await the quarterly conference call between Tim Cook, Luca Maestri and analysts. In summary, Apple reporting earnings $10.7 billion in profit from $49 billion in revenue after 47 million iPhone sales, 10.9 million iPad sales, and 4.7 million Mac sales during the company’s Q3 period. Analysts will likely push Tim Cook and company on sharing more information around Apple Watch sales during the call. The quarter covers the April to June period which includes Apple Watch sales in a number of countries from April 24th and on. Apple’s conference call kicks off at 2 p.m. PT/5 p.m. ET so stay tuned for our live coverage below: expand full story