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AAPL Doesn't Rebound After Tim Cook Letter

Posted: 09/28/12

By: tomgrisafi


Shares of Apple failed to bounce as the week ended amidst an open apology and pledge from Apple CEO Tim Cook to improve upon the less than impressive new maps service Apple introduced last week with the launch of iOS 6.

"At Apple," Cook said in an open letter today, "we strive to make world-class products that deliver the best experience possible to our customers. With the launch of our new Maps last week, we fell short on this commitment. We are extremely sorry for the frustration this has caused our customers and we are doing everything we can to make Maps better."

"We launched Maps initially with the first version of iOS," he added. "As time progressed, we wanted to provide our customers with even better Maps including features such as turn-by-turn directions, voice integration, Flyover and vector-based maps. In order to do this, we had to create a new version of Maps from the ground up."

"While we're improving Maps, you can try alternatives by downloading map apps from the App Store like Bing, MapQuest and Waze, or use Google or Nokia maps by going to their websites and creating an icon on your home screen to their web app," Cook concluded. "Everything we do at Apple is aimed at making our products the best in the world. We know that you expect that from us, and we will keep working non-stop until Maps lives up to the same incredibly high standard."

AAPL closed Friday down $14 at $667.10.

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