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Tim Cook: The most important thing for Apple long term

Apple CEO Tim Cook said Monday that the iPhone isn't dead.

In an interview with Cook, CNBC's Jim Cramer, host of "Mad Money," noted a disconnect between the popularity of Apple products and stories in the media that claim "Apple is dead."

"I think that's a huge overreaction," Cook said. (Tweet This)





Tim Cook
Adam Jeffery | CNBC
Tim Cook
"The most important thing is that customers love our products." -Tim Cook, Apple CEO

In its earnings release last week, Apple posted quarterly revenues of $50.6 billion and $10.5 billion in quarterly net income. This was compared with $58 billion and $13.6 billion last year.

"To put that in perspective, the $10 billion is more than any other company makes. So it was a pretty good quarter, but not up to the street's expectations, clearly," Cook said.

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Cook added that the change stems from a different rate of upgrading. Users are upgrading at a lower rate than they did last year, but still higher than the year before. Yet, the upgrade last year was abnormally higher. Thus, the combination of declined upgrades, currency rates and macroeconomic issues has had an impact on the company.

"The most important thing is that customers love our products," Cook said.

What mattered most to Cook is that he sees the highest satisfaction and loyalty rates for Apple products than ever before.

"That is the most important thing for the long term of Apple," Cook said.

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