CUPERTINO, Calif. (AP) – Apple CEO Tim Cook took a figurative victory lap at his company’s annual shareholder meeting, one day after he announced details about the new smartwatch Apple plans to start selling next month.
A year ago, some investors were voicing frustration over Apple’s lagging stock and activist Carl Icahn was pressing Cook to return more cash to shareholders. But no complaints were heard Tuesday. Apple shares are up 65 percent from a year ago, the company has a market value of more than $700 billion – making it the most valuable U.S. company in history – and will soon bump AT&T to join the benchmark Dow Jones industrial average.
Apple sold a record 200 million iPhones in 2014, which provided the bulk of the company’s $200 billion in revenue. Cook cited those and other milestones in what he called an “unbelievable” year. He also said Apple returned $57 billion to shareholders through dividends and stock buybacks last year.
The stock fell 1.7 percent Tuesday, amid a broader market decline, as some analysts questioned whether the company’s new smartwatch will be a hit. Cook has vowed the new wearable gadget will change the way people use the Internet, as previous Apple products including the iPhone and iPad have done.
The company also said it had work to do on diversity efforts.