Apple promises "new categories" of devices to fight competition

Apple chief executive Tim Cook has admitted the firm's slumping share price is disappointing but has promised the company remains focused on innovation to outpace the competition.

Speaking at the annual shareholders meeting in Cupertino on Wednesday, Cook said the firm has "new categories" of product in development, hinting that rumours around an iWatch-type device could be true.

"We're really aware of the competition as well. We don't have our head stuck in the sand," he said, according to widespread reports.

Cook also said the firm was aware its share price was slumping, falling from $700 at its peak to around $444 now, and it was a cause of concern for the company.

"I don't like it either. The board doesn't like it. The management team doesn't like it. What we are focused on is the long term. This has always been a secret of Apple," he said.

Despite the falling share price the firm has a huge cash pile of $137bn. This has caused some shareholders to voice their frustration with a "depression-era mentality" at the firm over its refusal to return bigger dividends to stockholders.

HP is also facing shareholder action, after a major investor urged fellow shareholders to vote against keeping some staff on its board of directors, citing several failed acquisitions that have hurt the company's finances and reputation.