Tim Cook: Apple's Shares 'Undervalued', Expansion of Share Buyback Program 'Shows Confidence' [iOS Blog]

In a new interview with The Wall Street Journal following Apple's financial results for the first calendar quarter and second fiscal quarter of 2014, CEO Tim Cook stated that the company's stock was"undervalued" and that the expansion of the share buyback program"shows how much confidence [Apple] has in the future of the company."



Cook noted that the iPhone was an area of strength for the company, as Apple sold 43.7 million units last quarter which surpassed analysts' expectations of 38.2 million units, and was up from 37.4 million units in the year-ago quarter. In addition to these sales, Apple also sold 4.1 million Macs compared to under 4 million in the year-ago quarter, and 16.35 million iPads, down from 19.5 million in the year-ago quarter.



Apple is expected to launch a number of new products in the near future, including a larger-screen iPhone, new models of the iPad Air and Retina iPad Mini, a revamped Apple TV, new MacBooks, and an iWatch smartwatch.



Overall, Apple shared via its financial results report that it posted revenue of $45.6 billion and net quarterly profit of $10.2 billion, or $11.62 per diluted share, compared to revenue of $43.6 billion and net quarterly profit of $9.5 billion, or $10.09 per diluted share, in the year-ago quarter.

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