Hedge Fund boss Doug Kass and others call for Tim Cook's ouster
This isn't the first time that there have been worries and concerns about the future of the iPhone and Apple. But for the first time that we can recall, seasoned Wall Street traders are calling for the head of Apple CEO Tim Cook. Among those seeking Cook's dismissal is Doug Kass, a hedge fund manager known for his bearish picks. Kass says that Apple might never repeat the success it had with the Apple iPhone 6. He also knocks Tim Cook for not being Steve Jobs (if that is a sin, it is one that we can all be found guilty of).
Of course, when the stock was soaring higher and higher and the number of iPhone units sold was beating Wall Street estimates (which, by the way, Apple did do last quarter when it sold 51.2 million handsets), where was all this criticism of Tim Cook?
So let's address some of the issues that have been brought up recently. Those complaining about the Apple Watch should know that the device sold more than twice as many units in its first year than the iPhone sold in its rookie season. As for the iPad, well, the entire tablet market has been declining. And as we pointed out, Apple did sell more handsets in that tough fiscal second quarter than Wall Street was looking for.
Overall, Apple had revenue of $51 billion and net profit of $10.5 billion for its fiscal second quarter. That is more than the profits of Microsoft, Google and Facebook...combined. And no one is calling for the ouster of these companies' CEOs.
source: Lefsetz.com via BGR