This morning, Apple is holding its 2014 official shareholders meeting from its Infinite Loop campus in Cupertino, California. The proceedings are just beginning, and Apple executives are expected (per usual) to field questions from attending shareholders.
One of the orders of business at this meeting is voting to approve or reject both proposals from Apple’s management and 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The rejected shareholder proposals cover a Board Committee for Human Rights, Carl Icahn’s infamous (and recently withdrawn) share repurchase proposal, Proxy Access for Shareholders, and a report related to Company Membership and Involvement with Certain Trade Associations and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.
Late last year, Apple recommended that shareholders vote against the Icahn and Board Committee for Human Rights proposals. Apple said that it “is committed to the highest standards of social responsibility and human rights wherever we do business.” The company added that its Board of Directors “is aware of no other company that does as much to safeguard and empower workers as the Company does today.”
Regarding Carl Icahn’s proposal, Apple CEO Tim Cook and CFO Peter Oppenheimer have been reluctant to taking Icahn’s suggestions. Instead, the company is moving carefully with its money by focusing on research and development, acquisitions, and future product pipelines.
During the meeting, Cook told shareholders that Apple made $1 billion in revenue (from both hardware and content sales) in 2013 from the Apple TV. This number led Cook to say “it’s a little more difficult to call it a hobby these days.” We previously reported that Apple is working on a successor to the current Apple TV that will expand both hardware and software capabilities. Earlier today, Apple started promoting the Apple TV with a $25 iTunes gift card offer. The promotion is active through the middle of next week.
Cook said that several billion iMessages are sent each day. Cook also stated 15 to 20 million FaceTime video calls are conducted each day.
CNBC video on the shareholder meeting (with notable comments from Cook):
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 said that Apple would have an announcement regarding its share buyback program within 60 days.
All of Apple’s board members were re-elected.
Live updates below from the shareholder meeting:
- Protests are occurring outside of Apple’s campus this morning:
- Apple says 40 billion iMessages and 15-20 million FaceTime calls are made daily:
- Apple TV made $1 billion revenue for Apple in 2013, per CEO Tim Cook.
- Tim Cook says Apple is “in it for the long term:”
- The math on Apple TV units sold:
- Tim Cook on innovation at Apple:
- All directors re-elected:
Correction: Tim Cook’s comment previously reported that 40 billion iMessages sent was actually referring to notifications as clarified below.
Despite reports that Apple said it processes 40 bln iMessages a day, Cook actually said "several billion." 40B refers to notifications/day—
Daisuke Wakabayashi (@daiwaka) February 28, 2014