Tim Cook dangles 'new product categories' carrot over $14bn Apple share buyback

Tim Cook has embarked on a massive $14bn share buyback in a bid to calm the nerves of tetchy Apple shareholders.

Shares dropped by eight per cent last week after Apple announced its quarterly results, which predicted a a slow down in revenue this quarter.

To reassure investors like Carl Icahn, who wants Apple to launch a $50bn buyback, Tim Cook announced a smaller $14bn share purchase during an interview with the Wall Street Journal.

"It means that we are betting on Apple. It means that we are really confident on what we are doing and what we plan to do," Cook explained. "We're not just saying that. We're showing that with our actions."

Cook said he wanted to be "aggressive", whilst still leaving enough dosh in the bank to snap up attractive firms.

Apple had bought 21 companies recently, Cook continued, and would happily break the budget if a possible purchase appealed.

"We've looked at big companies," said Cook. "We have no problem spending 10 figures for the right company, for the right fit that's in the best interest of Apple in the long-term. None. Zero."

In news that will pique the interest of fanbois everywhere, the fruity führer also said exciting new products were on their way.

"There will be new categories. We're not ready to talk about it, but we're working on some really great stuff," Cook added.

It is unclear what this category could be, but it has variously been predicted to mean an iWatch, a proper iTelly or a digital payment system, which should probably be dubbed iWant.

Apple is still "a growth company", Cook concluded, with a healthy lifetime ahead of it.

No doubt there will be a lot of people who say iHopeSo to that prediction. ®