Apple Vows to Release New Product Categories This Year

Tim Cook: We Are Working on New Product Categories

by Anton Shilov
02/06/2014 | 11:59 PM

Tim Cook, chief executive officer of Apple, said in an interview that this year the company plans to introduce products that will belong to new categories. Quite naturally, the company did not say when and what it intends to release.

 

Traditionally, new product categories have enabled long-term growth for Apple. For example, iPad revenue grew from $0 four years ago to $11.468 billion in the first quarter of fiscal 2014. Since the launch of the iPad four year ago, it has been nearly four years since Apple introduced a brand new product category. The most recent quarter results of Apple clearly demonstrated that while the company continues to grow its revenue, its growth is slowing down, which signals that it needs a boost in the form of an all-new product. Luckily, this is exactly what Apple plans to introduce this year.

“There will be new categories. We are not ready to talk about it, but we're working on some really great stuff,” said Tim Cook, chief executive officer of Apple, in an interview with the Wall Street Journal.

The head of Apple said that anyone "reasonable" would consider what Apple is working on as new categories.

It is generally believed that Apple intends to release its iWatch wearable gadget, iTV television with 4K resolution and all-new interface as well as enterprise-oriented iPad. While the first two can be considered as all-new product categories, the latter is barely new since the iPads (which are technically media tablets) are already used for businesses.