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Tons Of Revenue Predicted From 'Future Stuff I Can't Talk About' By Apple CEO Tim Cook


03/01/2017


Tons Of Revenue Predicted From 'Future Stuff I Can't Talk About' By Apple CEO Tim Cook
 Apple CEO Tim Cook said at the company's annual shareholder meeting  that teh company has some products other than the iPhone on the horizon that are "essential to Apple's growth."
 
The executive told shareholders that , including "future stuff [he] can't talk about," the tech giant is investing a "fair amount" into research and development. While lauding investors for thinking long term, especially Warren Buffett’s Berkshire Hathaway, Cook didn't go into much of the details.
 
In January, the holdings were more than doubled by Buffett in Apple.
 
Apple's dearth of new blockbuster products has led some to wonder whether it is still innovative despite being one of the world's richest public companies. The company is investing heavily, many on Wall Street still say.
 
Apple "may have over 1,000 engineers working on a project in Israel that could be related to AR [augmented reality] ... the next major innovation from Apple", UBS wrote on Tuesday.
 
For mostly routine tasks like signing off on Cook's $8.75 million annual compensation for 2016, re-electing its board of directors and approving its accounting firm, representatives of its 26,000 shareholders were gathered at the annual meeting.
 
A series of proposals from shareholders who hold $2,000 of Apple's stock, which must be approved by a form of majority vote were also placed on the agenda at the meeting.
 
Executives were also pressed to speak up on current events affecting the technology industry by shareholders like Rev. Jesse Jackson. One such example is the U.S. government's push to bring back manufacturing from overseas.
 
"We know that this company could never have thrived somewhere else, we love this country," Cook said, noting that two-thirds of Apple employees are in the U.S., and many components are built domestically.
 
But focusing just on building the final product in the U.S. "discounts the reality" of the situation, Cook said. Apple doesn't "like politics," but playing a role in policy discussion is important and Apple is not a big lobbying company, he said.
 
According to Opensecrets.org. Former Vice President Al Gore sits on the board, Apple's spending on lobbying has ticked up considerably under Cook's leadership.
 
Net neutrality — the concept that internet providers can’t discriminate between, or charge more for, more intensive types of content, is another political issue that could affect Apple's burgeoning software and services business.
 
Apple's content could become more expensive to deliver as the Trump administration may decide to let companies decide what to charge.
 
Cook said that Apple thinks there should be no unfair advantage for one group over another and content should be treated the same.
 
The environment, privacy, diversity, human rights and the environment were among the other issues on the table on Tuesday.
 
The company is a "staunch defender" of privacy and is working on "greening" its supply chain, Cook said. While Jackson pushed it on social "obligations" to minority groups, at the meeting he said that was grateful for Apple's stance on privacy.
  
Still, proposals to alter diversity hiring practices or ramp up disclosure on charitable giving were shot down by shareholders.
 
(Source:www.cnbc.com)