Apple's boss has not ruled out making a major acquisition but is in no rush to change a strategy that so far has concentrated on picking up small players.
Speaking at the Goldman Sachs technology conference the Apple CEO Tim Cook took a question about large acquisitions and denied it was against buying large firms.
"We have looked at large companies. In each case, it didn't pass our test. Will we look at more, I think so. But we're disciplined and thoughtful, and we don't feel a pressure to go out and acquire revenue," he said.
"We want to make great products. If a large company could help us, then that would be of interest. But again, deliberate, thoughtful, is our mantra," he added.
Cook also indicated that it was luekwarm on the idea of 'budget' versions of its iPhone and that the current spat with a major shareholder over dividend payments was a "silly sideshow".
The other main theme of his speech was innovation, something that his predecessor Steve Jobs was well know for, and Cook argued it remained embedded in the culture of the firm.
"Innovation is so deeply embedded in Apple's culture. The boldness, ambition, belief there aren't limits, a desire to make the very best products in the world. It's the strongest ever. It's in the DNA of the company," he said.