Finally, Tim Cook CEO of Apple Inc. took to media about the second quarter report. The looming crises on the wall street, and question all around, “is apple on the way out?” after the release of the second quarter financial report, brought him out to media.

“ I think that’s a huge overreaction ” which media has been stirring things regarding Apple’s recent performance, Tim Cook said. The company has done incredibly well as per our standards, and able to earn more than any other company in the segment, by earning $10.5 billion in the last three months. CEO added.

He also emphasizes that what is more important for Apple right now is customer loyalty and satisfaction, and on that ground Apple is passing with flying colors. Due to which we have impressive retention rate – that means if you are an iPhone user you barely switch to another device.

Apart from this, he said “India and China are the two biggest market for the company.” As Chinese smartphone market is experiencing a slowdown, and people are migrating to apple from android at a higher rate.India has also emerged as a key market as it recently got the LTE services, due to which iPhone will be of more use there.

Earlier the company has released its second quarter report, in which Apple Inc. announced revenue of 50.6 billion USD (13 percent less, compared to 58 billion USD in 2015).

Their net income has also declined as from last year by 23 percent. As far as devices are concerned, there is a decline in the unit sale also. Apple sold 51.2 million iPhones in this year, which was 61.2 million during the same quarter in 2015. There is decline in iPad by 19 percent, and Mac sales also dropped by 12 percent.

Whether or not the IT giants recover from the loss of first two quarters in the coming two, only time will tell.