Apple CEO says he feels shareholders' pain, urges long-term focus

CUPERTINO, Calif. Wed Feb 27, 2013 12:56pm EST

CUPERTINO, Calif. Feb 27 (Reuters) - Apple Inc CEO Tim Cook acknowledged on Wednesday that his shareholders were disappointed with a five-month slide of more than 30 percent in the company's share price but urged a focus on the longer term.

"I don't like it either. The board doesn't like it. The management team doesn't like it," Cook told investors at an annual shareholders' meeting at the company's headquarters in Cupertino.

But by focusing on the long term, revenue and profit will follow, he said. Cook added that the company was working on new product categories, but, as usual, would not elaborate.

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