Tim Cook is No Steve Jobs, Jobs' Ex-Publicist Says
*By Chloe Aiello*
Tim Cook is an excellent steward of Apple, but he's no Steve Jobs ー and what Apple really needs right now, is innovation, said Andy Cunningham, who worked with Jobs to launch the Macintosh.
"Tim Cook is an amazing steward of the assets he was left ... however, they have not been able to come up with the next big thing, which is really what they have to do. And Steve did it over and over and over and over again," Cunningham told Cheddar on Thursday.
Apple ($AAPL) stock plunged 9 percent on Thursday, continuing its declines from Wednesday for its lowest stock pricing since July 2017. The losses followed a letter Tim Cook wrote to investors on Wednesday, adjusting Apple's first-quarter revenue guidance down significantly to $84 billion from a previous estimate of $89 billion to $93 billion. The new outlook is about 5 percent less than the $88.3 billion in revenue it reported the same quarter last year.
[In the letter](https://www.apple.com/newsroom/2019/01/letter-from-tim-cook-to-apple-investors/), Cook mostly attributes the revision to "the magnitude of the economic deceleration" in emerging markets, especially China.
"Most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad," Cook wrote in the note, adding that lower than anticipated iPhone revenue "accounts for all of our revenue shortfall to our guidance and for much more than our entire year-over-year revenue decline."
The company has now lost about $420 billion from previous all-time highs, dropping it into place as the fourth largest publicly traded company, behind Microsoft ($MSFT), Amazon ($AMZN) and Alphabet ($GOOGL).
Although Cook blamed China and its decelerating economy, Cunningham said it's all really about iPhone sales.
"Apple missed on its iPhone and I think that's the real issue here," Cunningham said. "They blame the Chinese economy, primarily for the sluggish sales of the iPhone, but really I think underneath that issue is, I think, the fact that Apple really is in need of its next big thing."
Despite the company's sizable cash horde, Apple prefers to invent in-house rather than acquire new products, Cunningham said, so what the company really needs is "a product visionary," like Jobs, to explore new ideas. Barring that, the company could be in trouble.
" I think we are starting to see ー this may be an omen ー but we are starting to see the beginning of the last days of its heyday," Cunningham said.
For full interview [click here](https://cheddar.com/videos/member-of-macintosh-launch-team-talks-apple-troubles).
The growing consensus across the U.S. is that the Federal Reserve and Chairman Jerome Powell are set to expedite the tapering timetable and hike interest rates as inflation accelerates. Michael Darda, chief economist and market strategist at MKM Partners, told Cheddar's Baker Machado that the Fed has room to increase short-term interest rates because the economy is recovering faster than anticipated. "We've had a very rapid turnaround in the business cycle, in the labor market, and in inflation so the policy stance staying the same, calibrated in the same fashion as it was when we had a huge economic emergency, just makes no sense whatsoever," he said.
CEOs of the top U.S. airlines are set to testify in front of a Senate committee Wednesday. Lawmakers will ask airline executives about how they used pandemic-related federal aid, specifically in light of staffing issues and widespread cancellations. Among those expected to participate are the CEOs of American, United, and Southwest Airlines. David Slotnick, Senior Aviation Business Reporter at The Points Guy, joined Cheddar News to discuss.
If 2021 is any indication, 2022 will be a big year for social media. TikTok reached 1 billion users this year and is expected to grow even bigger. We got our first look at the Metaverse, NFTs soared in popularity, and the crypto craze starting hitting its stride - just to name a few fads. Mark Douglas, CEO and Founder of MNTN, joined Cheddar to discuss if these trends could continue, or if we'll see some surprises in the year ahead.
2021 was a big year for big tech, but it was also a wake-up call for the government. Lawmakers are still struggling to figure out how to regulate big tech companies as they grow bigger and get even more powerful. Evan Greer, director of the digital rights organization Fight for the Future, joined Cheddar to discuss key takeaways from the year, as well as what we can expect for big tech and regulation in 2022.
Bumble users are remaining active on the dating app and still linking up with potential matches despite the emergence of the omicron variant of COVID-19. CEO Whitney Wolfe Herd noted that no matter what is happening in the world, people will always need to connect.
Lovesac Founder & CEO Shawn Nelson joined Wake Up With Cheddar to discuss the company's Q3 earnings report and what the future holds, as it continues to combine advanced technology with practical designs.
Google reportedly has announced that its employees must declare their vaccination status by January 18 or face a loss of pay, administrative leave, and eventual termination.
Roger Park, EY Americas Innovation Officer, joins Cheddar to discuss what factors are shaping the future of innovation, the top areas companies are investing in, and what it means to build a culture of innovation.
Carlo and Baker cover the latest data showing the Omicron wave has likely started, Pfizer's Covid pill, Jan. 6 and a box office rescue attempt courtesy of Spider-Man.
