Published: Thu, February 15, 2018
Science | By Hubert Green

Apple shareholders just gave a huge vote of confidence to Tim Cook

Apple shareholders just gave a huge vote of confidence to Tim Cook

Before fielding eight shareholder questions during the 75-minute meeting, Cook also disclosed that Apple's music streaming service now has 36 million subscribers as it nears the third anniversary of its debut.

Apple boss Tim Cook has said that he hopes to see the elimination of cash within his lifetime. The device is being touted as a high-fidelity speaker that can also serve as a digital disc jockey that learns listeners' tastes so it can automatically play songs that they will like from Apple's vast music-streaming library.

Apple CEO Tim Cook (AAPL) on Tuesday downplayed the possibility that the tech giant could offer its shareholders a special dividend due to recent changes to the US corporate tax code that allowed companies to repatriate global cash at a lower tax rate, a key provision in President Trump's tax reform plan.

"The more and more time we spend on this, the more excited I am that Apple can make a significant contribution here", Mr. Cook said, according to CNBC.

So far this year, Apple shares have lost almost 4%. That despite a disappointing revenue forecast for the current quarter ending in March that stoked concerns about waning demand for the company's marquee product, the iPhone X.

At the iPhone maker's annual shareholder meeting in Cupertino, California, Mr Cook responded to a question on whether the company might double its dividend after recent changes to United States tax laws allowing corporations to bring back overseas cash at lower tax rates.

Apple had recommended that shareholders vote against both of the measures.

The proxy access measure asked Apple to reconsider its rules for shareholders to nominate directors; the rules say that a group of no more than 20 shareholders must hold 3 percent of Apple's stock in order to nominate a director for one of the eight director positions.

Asked about diversity, Cook said half of Apple's hires past year were either female or underrepresented minorities. "We want to pay and for wanting to pay we'd like to use the residual profits to invest in this country", Cook explained.

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