Last Wednesday, the much awaited shareholder meeting of Apple Inc was held and CEO Tim Cook took center stage. He acknowledged the disappointment in the flagging share values of the company but shared a few tidbits as to new products currently under wraps.
The decline in its share price has pressured Apple's management to share its US$137 billion cash fund with its shareholders. This debate is now in court, spearheaded by Greenlight Capital's David Einhorn. While Einhorn did not attend the meeting, Cook addressed the issue by saying that Apple is in 'very, very active' discussions about its options for cash sharing.
He shared the investor frustration and dissatisfaction by saying, "I don't like it either. The board doesn't like it. The management team doesn't like it." He added, "What we are focused on is the long ter. That has always been the secret of Apple." He said that in focusing on the long term, the revenues and profits would follow.
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