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Tim Cook: Apple stock drop a “huge overreaction”

Apple CEO Tim Cook called a recent company stock selloff a “huge overreaction” to the company’s below-expectations earnings report, 9To5Mac reports. Apple saw iPhone sales and revenue both drop by double-digit percentages, sending its stock price down 8% immediately after last week’s earnings report.

“Look, we just had actually an incredible quarter by absolute standards: $50 billion plus in revenues and $10 billion in profits,” Cook said in an interview on CNBC. “To put that in perspective, the $10 billion is more than any other company makes, so it was a pretty good quarter but not up to the Street’s expectations, clearly.”SM