Apple at the end of the trading day on Friday was trading at about $390 a share, representing a drastic fall in market cap value over the past few weeks. Addressing Apple’s stock price, which appears to be in free fall, Apple co-founder Steve Wozniak said that folks are worrying over nothing.
[Apple’s]stock price is a little low right now. Over time I’ve seen Apple go up or down 2x over a few months. It’s very disappointing because if you look at the amount of cash that Apples holds that cash translates to one to two hundred dollars per share of stock just in cash form. So the expectations are a little lower even than they expect.
“But where are the profits of the whole industry though? They are still with Apple and profits are all that really matter in the long run. Apple’s business model tends to be new products, even products that didn’t exist before and doing well out of them and not re-making the same thing, as eventually that just gets a little bit stale. So I would guess that Apple is very well prepared, and working on new things that are going to surprise and shock us all. And I honestly don’t know [what].”
As for Woz tipping us off to what Apple may be working on, don’t bet on it. Woz noted that he never asks key insiders he still knows at Apple to divulge what they’re working on.