Apple CEO Tim Cook joined Jim Cramer, host of CNBC Mad Money, in an interview where he talked about the company's future plans, the performance of Apple devices in China and the huge potential of tapping the market in India, which Cook noted to potentially become the most populous nation by 2022.
Cook also discussed the company's acquisitions wherein the frequency usually takes an average of every three to four weeks. More acquisitions are also seen in the future as the company is always looking, according to Cook.
Last week, Apple reported its first ever year-over-year iPhone sales decline and the company's first year-over-year revenue decline since 2003. Apple announced that profit reached up to $10.5 billion on $50.6 billion in revenue.
These reports prompted Wall Street analyst Toni Sacconaghi to claim that Apple's best days are behind it. Sacconaghi further said that Cook lost his credibility with investors. Other claims revolved on how the company's product innovation is too slow, how Apple's run in China has reached its end, and how iPhone profits have peaked.
When asked if Wall Street made a mistake on its statement about Apple's future, Cook replied that he's not sure if the viewpoint is commonly shared, since Wall Street is a collection of people.
Cook also thinks that Wall Street had a "huge overreaction" to the company's Q2 earnings call, which revealed a 0.1 percent drop in Apple's shares to $93.64 each for eight consecutive session of losses.
Cook said that while the company had an incredible quarter and its 10 billion worth of profits is more than what any other companies earned, it's still not up to Wall Street's expectations.
"What we're seeing is that people are upgrading at a different rate a lower rate than they did last year but still higher than the year before so we had this abnormally high upgrade rate last year as people bought into the iPhone 6 and now we are comparing to that along with the other things going on that many companies are facing with currency rates and macro economics, etc," says Cook, as cited by 9to5Mac.
Cook also talked about the company's predictions for the next quarter, customer loyalty and growth potential in services.
"We are going to give you things that you can't live without that you just don't know you need today," Cook further touted in his interview with Cramer.
You can watch Cook's interview at CNBC Mad Money in the videos below.
