4. Dropping iPad Sales

Apple reported selling 21.4 million units during the holiday quarter for iPads, down from the 26 million in the December quarter last year.

Cook remained optimistic about iPad's future, although he acknowledged there wouldn't be an immediate sales bump.

"I see that the first-time buyer rates are very high," he said. "When you have that kind of buyer rate, you don't have a saturated market. When you look at the customer [satisfaction] rates on the iPad it's literally off the charts. When I back up and look at all of these, I believe over the long arc of time that the iPad is a great business. That said, I'm not projecting something very different next quarter or the next. I'm thinking over the long run."