Today is Apple’s annual shareholder meeting.
One of the orders of business at this meeting is voting to approve or reject both proposals from Apple’s management and from shareholders. Bloomberg‘s Jon Erlichman reports that shareholders have rejected every proposal created by other shareholders while all proposals from Apple management have been approved.
The rejected shareholder proposals cover a Board Committee for Human Rights, Carl Icahn’s infamous (and recently withdrawn) share repurchase proposal, Proxy Access for Shareholders, and a report related to Company Membership and Involvement with Certain Trade Associations and Business Organizations.
Tim Cook reported that Apple made $1 billion in revenue from Apple TV hardware and content sales.
This number led Cook to say “it’s a little more difficult to call it a hobby these days.”
Presumably, that’s a reference to Steve Jobs’ famous 2010 comment about Apple TV being a hobby because there is no viable market.
Cook also said that 40 billion iMessages are sent each day and that 15 to 20 million FaceTime video calls are conducted each day.
Cook said research and development spending up 32% year-over-year, Apple is putting its money “where its mouth is.” Cook added that Apple bought 23 companies over the last 16 months and that Apple is not opposed to buying a bigger company if it is the “right fit.” Cook also talked about opportunities in new emerging markets. Cook also said that Apple would have an announcement regarding its share buyback program within 60 days.