Speaking at the "All Things Digital" D11 conference in Rancho Palos Verdes, California, May 28, 2013, Apple CEO Tim Cook said that his company would release "several more game changers," which could include wearable computers. "It's an area where it's ripe for exploration," Cook said on Tuesday. "It's ripe for us all getting excited about. I think there will be tons of companies playing in this."

Cook did not Cook confirm whether Apple was working on wearable products amid speculation that it is developing a smartwatch, saying only that wearable computers had to be compelling.

Commented on Google Glass, Google's wearable mobile computer eyeglasses, he said that it would likely have limited appeal.

Cook also said he has a "grand vision" for television that goes beyond an existing $99 Apple TV streaming device.

Cook also hinted at updates to the company's iOS mobile software. ALthough details are expected to be unveiled at Apple's annual developer conference next month, Cook said Apple was investing heavily in online services such as its mapping application.

Cook's remarks come at a time when worries are mounting that Apple which created the smartphone and tablet markets is ceding ground to competitors. Since last September, the company has shed 44 percent, losing more than $280 billion of market value.

In related news, Apple will pay $53 million to settle class-action suit over iPhone and iPod touch warranties.

Apple will pay over 153,000 owners of the devices who were denied warranty coverage while Apple's "liquid damage policy" was still in force, according to a joint filing Tuesday in U.S. District Court for the Northern District of California.

The settlement still requires the approval of the court. Customers whose warranty claims for iPhones were denied before Dec. 31, 2009as well as claims for iPod touch that were denied before June 30, 2010 are eligible for settlement funds.