“Speaking at the Goldman Sachs Technology Investment Symposium this week, Apple’s second in command Tim Cook talked at length about the upcoming iPhone, revealing some of the methodology that went into the product’s development as well as the executive decisions that lead to the company’s partnership with Cingular,” AppleInsider reports.

The 45 minute Q&A session was recorded and made available as a streaming QuickTime download from Apple’s website. However, the portion of Mr. Cook’s speech relating to iPhone has been transcribed by AppleInsider. A snippet:

Q: Almost from the second Steve stepped off the stage at Macworld there are people in the press and other people basically coming up with reasons why Apple can’t succeed in the phone market. Can you talk a little bit about why you think Apple will be a success?

A: Well, I think the iPhone is a revolutionary product. And Steve mentioned this at Macworld. And I think this is a very, very good point. Revolutionary products only come along so often. You know, Apple had the Macintosh in 1984 that reinvented the personal computer industry. The iPod in 2001 which reinvented the whole music industry. And we think the iPhone is that class product for the cell phone industry.

Step back and look at the [iPhone] and think about what it is. It’s a very small, thin, lightweight device. It’s a revolutionary cell phone. It has visual voicemail, which if you’re not familiar with that, essentially looks like e-mail. So you can select precisely the voicemail that you want to hear, not the order they happen to come in. It’s the best iPod Apple has ever done. And it’s this really cool internet device that has desktop class email, browsing, maps and searching, all in one product. And so I think people are going to be amazed and delighted over it. So we’ll have to see. Obviously there are people who would prefer us not to be successful in this. But I think this is a revolutionary product. And we’ll see what customers think because that is the most important thing.

More in the full article here.

Connie Guglielmo reports for Bloomberg, “Apple Inc. predicted that 10 million customers will pay at least $499 to buy an iPhone next year because they realize most free mobile phones are worthless. ‘A lot of people pay zero for the cell phone. Guess why? That’s what it’s worth,’ Apple Chief Operating Officer Timothy Cook said yesterday at a conference in Las Vegas. Some wireless providers win customers by offering phones that lack the latest features free with service contracts.”

Guglielmo reports, “Up to 75 percent of U.S. iPhone buyers probably will be first-time subscribers to AT&T Inc.’s mobile-phone service, AT&T Chief Financial Officer Rick Lindner said today. The phones will only work on AT&T’s wireless network, formerly known as Cingular Wireless LLC. ‘The majority of those customers, two-thirds to three- fourths, will be coming from outside of our current wireless customer base and that’s a good thing,’ Lindner said during a speech at a Merrill Lynch & Co. conference in New York.”

Full article here.

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