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This is Tim: Cook at the 2013 Goldman Sachs conference

Macworld staff | Feb. 13, 2013
On cash balances

So I look at Apple and I see culture, deeply embedded; I see this incredible blend of skills that's unprecedented, unrivaled, that can deliver these magical moments; and I see the leadership to pull it off. And I've never been more bullish on innovation at Apple.

On marketshare limits

Well, there's that word "limit." We don't have that word in the Apple vocabulary.

In all seriousness, the people I work with don't view that there are limits. And it's because of that that Apple has been able to do so many things for so many years and done things that people didn't know they ever wanted, and now can't live without. And so, we don't really think of the world as limits.

When I sort of zoom out and look at the smartphone market in particular, what I see is a market that last year was around 700 million [units], plus or minus. It's projected to double in the next four years to 1.4 billion--this is a huge market. I believe that more on a longer-term basis, all phones will be smartphones, and there's a lot more people in the world than 1.4 billion, and people love to upgrade their phones fairly regularly.

And so I see a market that is incredible to be in, maybe one of the best markets of all time. Apple has enormous momentum. The 500 million that you referenced--that 500 million was done over the course from 2007 until the end of last year [2012], we flipped over 500 million. However, over 40 percent of that happened last year. And so there's incredible momentum there, and across that period of time, we've built an ecosystem that is the best in customer experience on the planet.

In addition, it's fueling an incredible economic gain for developers. And so we've already gone over paying $8 billion now to developers. If you look back at the app economy of the PC market, or look at it today, there's money flowing to two or three people, but you don't see a large number of people doing PC apps. I mean, I challenge you to find any, except the usual suspects now; the money's all moved--the innovation has all moved to tablets and smartphones. And so I see momentum, I see an ecosystem.

When I look at what Apple's done in China, I think it's hard for anybody to evaluate this and say it's not impressive. The company's gone from a few hundred million in revenue one year to $3 billion plus the next, to $13 billion plus the next, to $23 billion plus last year, and so the last two years were adding over $10 billion a year. And I also see in markets where we haven't done as well, and I view that as opportunity, not the glass half-empty.

 

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