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Apple working on 'new categories' of products

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Apple chief executive Tim Cook has insisted that the US firm does not have its "head stuck in the sand" and will introduce "new categories" of products this year.

Despite reporting more record revenue in the final quarter of last year, the iPhone and iPad maker is facing increasing criticism from shareholders over its long-term strategy.

Apple CEO Tim Cook speaks about the iPad's impact on the market place during the introduction of the iPad mini

© PA Images / Marcio Jose Sanchez/AP



Shares in Apple fell 1.2% to $483.71 on Wednesday (February 27) over fears that Apple lacks innovation and is losing ground on its rivals, such as Samsung.

Cook is also coming under pressure to return more of the firm's $137bn (£90bn) cash pile to investors.

At Apple's annual meeting in Cupertino, California, this week, Cook attempted to convince shareholders that Apple was aware of the changing market.

"We're really aware of the competition as well," he is quoted as saying by The Daily Telegraph. "We don't have our head stuck in the sand."

Cook told investors that Apple was working on "new categories" of products, but did not give any further information on that.

Apple is rumoured to be developing a 'iWatch' that would link with an iPhone and offer a range of smart functionality, such as message alerts.

There has also been long-standing speculation that Apple would make a bigger move into television, including an Apple-branded TV set integrating live TV and on-demand entertainment.

Also in 2013, Apple is expected to announce a new version of the iPad, a second generation of the iPad Mini with a Retina display, and a new iPhone model, either the iPhone 5S or the iPhone 6.

> Apple is losing its cool, says co-founder Steve Wozniak

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