It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get some the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world.
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"To do things really well, it takes time," Cook explained. "You can see a lot of products that have been brought to market where the thinking isn't really deep and, as a consequence, these things don't do very well."
While Cook of course didn't spill the beans as to any upcoming products or services, he did reference the fact that Apple has nearly 800 million consumer credit cards on file and that mobile payments is an "interesting area."
I think it's a really interesting area. We have almost 800 million iTunes accounts and the majority of those have credit cards behind them. We already have people using Touch ID to buy things across our store, so it's an area of interest to us. And it's an area where nobody has figured it out yet. I realize that there are some companies playing in it, but you still have a wallet in your back pocket and I do too which probably means it hasn't been figured out just yet.
And lest anyone think that Cook is just casually discussing areas he finds somewhat interesting, note that this isn't the first time Cook has brought up mobile payments. In fact, during Apple's last earnings conference call, Cook flat out said that Apple finds mobile payments "intriguing" and that "it was one of the thoughts behind Touch ID."
While no Apple product or service is ever a sure thing until an Apple executive takes the stage and announces it, it's worth highlighting a recent report from Re/Code which claims that Apple in recent weeks has been interviewing experienced executives from the payments industry.
The company has been meeting with potential applicants for two new positions at Apple focused exclusively on building a business around the hundreds of millions of credit cards it already has on file. Apple is seeking to fill head of product and head of business development positions...
Lastly, Cook had this to say about Apple's upcoming product line: "I feel great about what we've got coming. Really great and it's closer than it's ever been."
Have a couple of hundred grand burning a hole in your pocket? Want to ask Tim Cook some burning questions about the iWatch or Apple HDTV? Now's your chance! CharityBuzz and The Robert F. Kennedy Center for Justice and Human Rights announced the 8th Annual RFK Center Spring Online Auction, with lunch with Tim at Caffè Macs on the slate of celebrity experiences up for grabs. Bids for the one-on-one lunch meeting started at US$10,000; the experience is valued at $100,000.
Last year, a coffee meeting with Cook raised $610,000 for the RFK Center. This year you'll be able to dine on oysters, crab-crusted red snapper, vegetarian curry, pizza, or anything else you want, all while annoying Apple's CEO with your insistent questions about "future products."
As of publication time, the only bidder was Scot Wingo, CEO of Channel Advisor. Surely someone would be willing to give me $350,000 or so, and I'll ask Tim your question for you... You have just under ten days to make your bid on lunch with Tim.
Photo of Caffè Macs by Yelp user Jing Y.
During Apple's earnings conference call yesterday, an analyst pointed out that companies like Google and Amazon are increasingly diversifying their business while Apple doesn't seem to be following suit. The analyst subsequently asked about Apple's business philosophy and laser like focus given the company's vast cash reserves which might otherwise allow them to make some interesting acquisitions and content deals.
Cook answered, in part, that Apple was "on the prowl" and that they actually acquired 24 companies in the last 18 months alone.
From an acquisition point of view, we have done 24 in 18 months. That shows that we're on the prowl, I suppose you could say. We look for companies that have great people and great technology and that fit culturally. And we don't have a rule that says we can't spend a lot or whatever. We'll spend what we think is a fair price. What's important to us is that strategically it makes sense and that it winds up adding value to our shareholders over the long haul. We are not in a race to spend the most or acquire the most. We're in a race to make the worlds' best product that really enrich people's lives.
So, to the tune that acquisitions can help us do that and they've done that and continue to do that, then we will acquire it. And so you can bet that you will continue to see acquisitions and some of which we'll try to keep quiet and some of which seems to be impossible to keep quiet.
Indeed, the rate at which Apple is snatching up companies has accelerated in recent years. Whereas Apple acquired just 6 companies that we know of in 2011 and 2012 combined, the company in 2013 alone acquired 15. Some of these acquisitions include PrimeSense, Passif Semiconductor, WiFiSlam, Nouvauris Technologies, and a slew of mapping apps.
In a previous earnings conference call, Cook said that Apple isn't afraid to pull the trigger on a blockbuster deal (read: in the billions) if the numbers and strategic fit were appropriate.
While the big focus of Apple's Q2 earnings call was the stock split and dividend increase, a number of other interesting tidbits were announced during the call. A few of them, culled from our liveblog of the call, include:
Time flies when you're having fun. It seems like it was only yesterday that we were sitting down to report Apple's first quarter results for the 2014 fiscal year. Today at 5 PM ET, TUAW TV Live will be pre-empted for the second quarter earnings call, and we'll be here to report the news for you as it comes in.
The festivities usually start around 4:30 PM ET when Apple publishes the quarterly figures. At 5 PM, the call starts, usually with Apple CEO Tim Cook and CFO Peter Oppenheimer at the helm. I would expect to hear Apple corporate controller Luca Maestri on the call as well; Maestri will be stepping in to replace the retiring Oppenheimer this fall.
To view the liveblog, point your browser to this page -- and that's all you need to do. There's no need to refresh your browser, as the liveblog will automatically update with images and commentary. Just sit back with your favorite beverage as the reports of iPhone, iPad and Mac sales figures roll in, and we listen to Piper Jaffray analyst Gene Munster once again try (unsuccessfully) to get the Apple executives to spill the beans about the mythical iTV.
You can listen in on the call livestream here. Note that the livestream is usually delayed slightly, so you may see us writing about something prior to hearing it on the call.
TUAW TV Live will be back on the air next week at its usual time.
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