Apple are facing a challenge in recent months. Their shares have dropped by more than a third since September last year as analysts concerns over innovation grow. It was only a matter of time before Tim Cook faced tough challenges after the death of visionary leader Steve Jobs.

Cook told shareholders at Apple's annual meeting in Cupertino, California “We're really aware of the competition as well. We don't have our head stuck in the sand.”

Tim Cook said that they are working on ‘new categories' for products and as we have reported on Kitguru before, there is news that they are going to be releasing a watch, that would complement the Apple iPhone.

Yesterday Apple shares dropped 1.2 pc to $483.71. Cook said “I don't like it either. The board doesn't like it. The management team doesn't like it,” he said.

Tim Cook is facing complaints from shareholders over his 51 percent pay rise in basic salary to $1.4 million a year. According to reports from the Financial Times, more than a third of investors have voted against the increase.

Kitguru says: Apple are facing some serious challenges in 2013. The success of the new iPad and iPhone are paramount to their revenue stream in 2013.

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