Apple CEO and cofounder Tim Cook says he expects to earn $1 billion in 2020 after spending nearly $2 billion on investments during the past three years.
The announcement came as Apple’s stock price has fallen sharply over the past two years, with the stock hitting an all-time low on Wednesday, but Cook has been quick to reiterate his optimism.
The stock has fallen by nearly 60% over the last year and is currently trading at just below $1, the company announced in a blog post on Tuesday.
Cook, who took over the helm at Apple in August, has been trying to re-establish his legacy and expand the company’s market share while also keeping its brand intact.
Last year, Cook unveiled plans to spend $1.2 billion to expand the iPhone brand, while also expanding the iPhone lineup.
Apple currently has only about a dozen million iPhones in the world.
But Apple’s market capitalization is nearly twice that of Samsung, the world’s largest smartphone maker.