CEO Tim Cook: not all Apple products are 'for the rich'

KEY POINTS

• Apple is set to release a high-priced iPhone Tuesday.
• Its CEO told Fortune magazine that the company operates in non-commodity products.
• Some of the highlighted products including coding programs and Watch-enabled health tracking.

Apple CEO Tim Cook speaks during the Worldwide Developers Conference in California, U.S., on June 5, 2017.

David Paul Morris | Bloomberg | Getty Images

Apple may be releasing a potentially $1,000 iPhone Tuesday, but CEO Tim Cook maintains not all of the company's products are for the rich.

"If you look across our product lines, you can buy an iPad today for under $300. You can buy an iPhone, depending upon which one you select, for in that same kind of ballpark," Cook told Fortune magazine. "And so these are not for the rich. We obviously wouldn't have over a billion products that are in our active installed base if we were making them for the rich."

Among the products Cook saw as being for the everyman: free coding programs for K-12 students and health tracking through Apple Watches.

"There's a lot of companies that have much higher margins. We price for the value of our products," Cook said. "And we try to make the very best products. And that means we don't make commodity kind of products."

Read the whole interview at Fortune.