Apple CEO, Tim Cook, discussed the company’s earnings and standing on creating U.S. jobs with CNBC Mad Money host, Jim Cramer.
On Wednesday evening, Tim Cook appeared on CNBC’s Mad Money to talk about Apple’s latest quarter of business and Apple’s plans to promote advanced manufacturing jobs in the United States. Apple released the details of their second quarter earning on Tuesday and reported a quarterly revenue of $52.9 billion and quarterly earnings per diluted share of $2.10. These results compare to revenue of $50.6 billion and earnings per diluted share of $1.90 in the year-ago quarter. International sales accounted for 65 percent of the quarter’s revenue. To read the full report, click here.
Even though some see a disappointing quarter, Cook remains hopeful and positive about what the company has achieved in the past few months. In response to Cramer’s question about business being down, Cook said, “…honestly, and we had a great quarter. If you get into the numbers just a little bit for a few minutes, the Mac grew 14 percent. This is huge. Services continued this really fast growth. It grew 18 percent year on year and we continue to be on target to be a Fortune 100 company this year with our services business.”
In addition to the earnings call, Cramer questioned Cook about job creation.
Tim, let’s talk about Apple’s role in the world. You’re a huge company. What are you doing to create jobs?
“That’s a good question. You know, a lot of people ask me, ‘Do you think it’s a company’s job to create jobs?’ and my response is a company should have values because a company is a collection of people. And people should have values, so by extension, a company should. And one of the things you do is give back. So how do you give back? We give back through our work in the environment, in running the company on renewable energy. We give back in job creation. And so if you look at job creation,in particular, we’ve now created two million jobs in America. Two million.”
Cook elaborated on that 2 million figure stating that he felt that wasn’t enough and he announced plans that Apple has to invest in creating more U.S. based advanced manufacturing jobs.
“We’re not satisfied with just two million. And so you can bet we’re going to be hiring thousands of employees in the future. Thousands of more employees in the future. On the developer community, we’re asking ourselves: How can we empower the next generation of developers? How can we touch even more people? How can we train more people to code so they can pursue their passion?”
Would you ever put money behind that?
“We would. We would and we will and you’ll be hearing more about that across the summer. In the other category, manufacturing, we ask ourselves: How can we get more people to do advanced manufacturing in the United States? And I’m proud to tell you that we’re creating an advanced manufacturing fund. We’re initially putting $1 billion in the fund.”
This I did not know about.
“Right, we’re announcing it today. So you’re the first person I’m telling. Well, not the first person because we’ve talked to a company that we’re going to invest in already.”
Cramer continued to question Cook on a number of projects including the details and release date of the next iPhone. Cook, of course, wouldn’t divulge any details, but when asked if he still loved the job of being Apple’s CEO, Cook said:
“I love it. Yes. Yes. You know, there’s no bigger privilege in the world than to work at this company at this moment in time. And to be able to work with all the great people I get to work with every day. It’s, was beyond my wildest imagination and there’s not a day that I don’t go by that I thank God for it.”
The full transcript of the interview can be found here.