“On the day Apple Inc. became the first U.S. company to close with a market capitalization above $700 billion, Chief Executive Tim Cook credited its success to its ability to sell pricey products to Chinese consumers and ignore commonly accepted beliefs about big companies,” Daisuke Wakabayashi reports for The Wall Street Journal.
“Mr. Cook said Tuesday that Apple has grown rapidly in China by disregarding conventional wisdom that Chinese consumers were too price-sensitive for Apple’s high-end products,” Wakabayashi reports. “‘It’s a bunch of bull. It’s not true,’ he said at the Goldman Sachs Technology and Internet conference in San Francisco.”
“Mr. Cook said rapid economic growth in China and the rise of a large middle class there gave Apple a major opportunity,” Wakabayashi reports. “Mr. Cook also said he didn’t believe in the ‘law of large numbers’ — the idea that growth rates slow as companies get bigger. He rejected it as ‘dogma.’ Apple’s shares rose 1.9% Tuesday to $122.02, giving it a stock-market value of $710.7 billion.”
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