Tim Cook: New Services Launching in 2019; Wearable Business Revenue Has Exceeded iPod Business by 50 Percent

In his extensive interview with Mad Money’s Jim Cramer, Apple CEO Tim Cook said that the company’s most important contribution to mankind will be in health. Tim Cook spoke about varying topics in the interview and dismissed reports of the iPhone XR not doing well as a part of it.

The CEO even hinted at Apple launching new services this year. Cook revealed this when Cramer asked him how Apple would increase the total contribution of its Services business to its total revenue. He did not go into the specifics but clearly stated that Apple will announce new services this year, with “more things coming” and the company working on them for a few years now.

On services, you will see us announce new services this year. There will more things coming. I don’t wanna tell you about what they are and I’m not gonna forecast precisely, the ramps and so forth. But they’re things that we feel really great about, that we’ve been working on for multiple years.

Apple is rumored to launch an Apple News subscription service by using the technology it acquired from Texture last year. The company is also expected to launch its own video streaming platform later this year.

Cook also said during the interview that he believes Apple’s “greatest contribution to mankind” will be in health. The company is putting a lot of effort into enriching people’s lives by putting their health data into their own hands.

On the healthcare, in particular, and sorta your wellbeing, this is an area that I believe, if you zoom out into the future, and you look back, and you ask the question, “What was Apple’s greatest contribution to mankind,” it will be about health.

Because our business has always been about enriching people’s lives. And as we’ve gotten into healthcare more and more through the Watch and through other things that we’ve created with ResearchKit and CareKit and putting your medical records on the iPhone, this is a huge deal.

And it’s something that is very important for people. We are democratizing it. We are taking what has been with the institution and empowering the individual to manage their health. And we’re just at the front end of this. But I do think, looking back, in the future, you will answer that question, Apple’s most-important contribution to mankind has been in health.

Despite the iPhone sales slowing down and Apple not really launching any innovative new breakthrough product, Tim Cook said during the interview that Apple’s “product pipeline has never been better” and the “ecosystem has never been stronger.” Cook highlighted that Apple’s wearable business has already exceeded the business of the iPod by 50 percent at its peak. That’s a testament to their popularity and how fast the company’s wearable business is growing.

 On a trailing basis, they’ve we’ve already exceeded the revenue for wearables is already more than 50 percent more than iPod was at its peak. Now, this is a product that I think everybody would say it was an incredibly important product for Apple, full of innovation, and probably, the trigger for the company getting on a very different trajectory and into other markets.

Make sure to read the full interview below as Cook also discusses about Siri and its reach with Cramer in the interview.

[Via CNBC]