Why Tim Cook says Apple is a not a tech company

With a big investment from Berkshire Hathaway's CEO and chairman Warren Buffett, Apple's CEO Tim Cook said the company is no longer a technology company, according to CNBC.

Rather, Apple is really a consumer products company, Mr. Cook told CNBC. This is because of Mr. Buffett's apprehension toward investing in technology companies.

"We're in the tech industry," Mr. Cook said. "But we work at that intersection of technology and the liberal arts and the humanities. And so we make products for people, and so the consumer's at the center of what we do."

Having Mr. Buffett's investment was added validation of Apple's continuing evolution, Mr. Cook noted.

While Apple's iPhone revenue fell 17 percent year over year, the company has seen major growth from other services, such as subscriptions to Apple Music and iCloud as well as AirPods and Apple Watches.

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