Sydney: Apple’s chief executive Tim Cook has defended his tech giant following the dramatic stock plunge, saying that ‘the only companies that report better quarters pump oil’.
The tech giant''s stock plummeted by 11.3 percent last week to 455.56 dollars before trading was suspended due to the sharp decline.
Cook said that Apple just had the best quarter of any technology company ever, adding that the ‘only companies that report better quarters pump oil’, Telegraph.com.au reports.
According to the report, Cook''s comments come as oil company Exxon surpassed Apple as the world''s most valuable company following the tech giant''s stock tumble.
Exxon Mobil Corp gained 13 cents to 91.48 dollars and has a market capitalisation of 417 billion dollars after Apple''s stock dropped a further two percent on Friday to 441.30 dollars for a market capitalisation of 414.5 billion dollars, the report added.