Thursday, 22 February, 2018

Tim Cook talks Apple Pay and wearable growth at shareholder meet

Apple Holds Product Launch Event At New Campus In Cupertino Bye-bye bank notes? Apple's Tim Cook is ready to wave off cash
Terence Owen | 15 February, 2018, 13:36

Another scenario is Apple spending between $30 billion and $60 billion per year on share repurchases and combine that with a dividend yield of 3 percent until 2023 - which he says is what Wall Street is now leaning towards.

"I'm hoping to be alive to see the elimination of money", he reportedly told those gathered at Apple Park. But he didn't give any other specifics.

Loup Ventures Managing Partner Gene Munster said earlier this week during an appearance on the Varney & Company show that about $70 billion could go towards share buybacks, with additional funds allocated to special dividend payouts and additional acquisitions. "But in terms of annual increases in the dividend it is something that this board and management are committed to doing".

Cook also told shareholders at the meeting that Apple could contribute to the USA healthcare sector. 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.

Tim Cook, Apple's chief executive, disappointed investors last night when he appeared to rule out the possibility it might pay a special dividend with some of the $285 billion in cash it is now able to bring back from overseas. Currently, after-hours activity has the Apple stock a little lower. According to Cook, the combined revenue from all those products is nearing that of a Fortune 300 company. For the same quarter, analytics firm Canalys estimated that Apple shipped more Watch units than the entire Swiss watch industry, a first for any wearables company.

'Rip-off': Many Australians won't do anything to mark Valentine's Day this year
Do not share any personal (birthdate, address) or financial information with anyone you've just met online. Some scammers are now using online dating sites and fake profiles to meet potential victims.

The sweeping tax reforms passed by Congress in late December included a provision lowering the rate on companies' overseas cash to 15.5 percent, below the 21 percent paid on profit made in the U.S.

Apple has been coy on giving exact numbers about adoption of Apple Pay, though the service has regularly gained new features since it was launched in 2014.

The comments were prompted by a question on Cook's succession and that of Jony Ive, the company's chief design officer.

If the rate on overseas profit had remained unchanged, Cook said, Apple and other US companies would have left the money sitting in foreign accounts.

Michael Liedtke is an Associated Press writer.

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