Apple Inc. (NASDAQ:AAPL) annual shareholders meeting had hardly any surprises – as shareholders re-elected all board members and supported various proposed changes to the company’s bylaws.
Shareholders were disappointed as Apple Inc. (NASDAQ:AAPL) announced nothing over the increase in dividends or buy back more of its stock. Apple CEO, Tim Cook, said he is aware of the concerns of the shareholders over the declining share price of the stock and company is discussing its continuing cash balance. The share price of Apple Inc. (NASDAQ:AAPL) declined more than 30% from last summer.
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“I know that what must be on at least some of your minds is the share price,” Cook said. “I don’t like it. The board doesn’t like it.”
There is an increasing dissatisfaction among the shareholders of the company over the plunging of its stock price, intense competition to the iPhone and demands of greater payouts in form of dividend or buy backs from its cash pile.
On Wednesday, in the meeting held in Cupertino, California, investors holding 61 percent of Apple Inc. (NASDAQ:AAPL)’s eligible stock voted for the advisory vote on executive remuneration. Almost 83 percent of total votes casted were in favor of Apple Inc. (NASDAQ:AAPL)’s “say-on-pay” proposal, and this percentage is an increase from last year.
Tim Cook said in his speech said he understands the disagreement of the shareholders who found the Apple Inc. (NASDAQ:AAPL)’s stock has been a disappointment in performance after the company was stripped of a third of its market value since September’s high.
“I don’t like it either,” he said, noting that Apple’s board and management agreed on the subject. “What we are focused on is the long term. This has always been the secret of Apple Inc. (NASDAQ:AAPL).”
In the meeting, Tim Cook, for the very first time revealed that iPhone maker plans to spread in to new product lines other than smartphones, tablets, music players and computers.
“We are looking at new categories,” said Tim Cook, although he did not mention the category. There have been recent rumors about Apple’s foray in to TV and a wearable “smart watch” device, and both less costly and larger iPhones. Tim Cook said the company is making tremendous efforts and the market will see some great products in future.
Dressed in black shirt and jeans and sitting on a high stool, Tim Cook did his bit to defend the growth rate of Apple Inc. (NASDAQ:AAPL) and said the revenue growth of Apple in 2012, in absolute terms was more than Google Inc (NASDAQ:GOOG), Microsoft Corporation (NASDAQ:MSFT), Dell Inc. (NASDAQ:DELL), Hewlett-Packard Company (NYSE:HPQ), Amazon.com, Inc. (NASDAQ:AMZN), Lenovo Group Limited (ADR) (PINK:LNVGY), Research In Motion Ltd (NASDAQ:BBRY) and Nokia Corporation (NYSE:NOK).
He said although the judge favored David Einhorn’s fund last week, the lawsuit from activist shareholder Greenlight Capital was a “silly sideshow” and the company is serious over the cash pile.