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Apple stockholders hold annual meeting

Posted: , by Alan F.

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Apple stockholders hold annual meeting
Apple's stockholders' meeting today was supposed to include voting on Carl Icahn's non-binding proposal, suggesting that Apple buy back $50 billion of its shares. But Icahn recently withdrew the motion, which took the excitement out of the meeting. The highlight turned out to be shareholders re-electing eight board members, including former Vice President Al Gore.

CEO Tim Cook made some interesting comments. Comparing the first OG Apple iPad to the Apple iPad Air, he called the former tablet "embarrassing." And after bragging about the all-time tech record of $171 billion in revenue that Apple brought in last year, Cook told the stockholders in attendance, "We want to grow more. And this morning, we want to unveil some new products ..." But Cook admitted he was just kidding, taking the air out of the room.

"We're big supporters of Apple, but lately it's just been more and more of the same. They're making billions and billions of dollars, but they need to come up with something truly imaginative and innovative, like Google did with Google Glass. Stock buybacks are not what we're looking for. We're talking autonomous cars, robots and other game-changing products we're seeing out there. I love Apple, but 2010 was the last time they showed us something really amazing. And it's now 2014, and in the meantime other companies have passed them by."-Adam Gold, portfolio manager, Espial Capital

Many in the room didn't appreciate the joke, which reminded  many of the the stockholders attending, that Apple hasn't had an innovative new product since 2010.

source: MercuryNews, Bloomberg

  • Options

posted on 28 Feb 2014, 20:56

1. Kishin (Posts: 706; Member since: 30 May 2013)

New products is all saw in this article..So exciting..

posted on 28 Feb 2014, 21:15

5. rodneyej1 (Posts: 3576; Member since: 06 Jul 2013)

Lol, right!...Yeah, politics are boring..

posted on 28 Feb 2014, 20:58

2. joey_sfb (Posts: 6601; Member since: 29 Mar 2012)

Why is Tim Cook calling their former iPad tablet design "embarrassing"?

Any one could make a guess?

posted on 28 Feb 2014, 21:55

6. Napalm_3nema (Posts: 2236; Member since: 14 Jun 2013)

It was heavy, battery life wasn't great, and it had a horrible screen, same as the first iPhone. It's not about what you used to do, it's about what you are doing.

posted on 28 Feb 2014, 22:06

7. rodneyej1 (Posts: 3576; Member since: 06 Jul 2013)

Sounds kinda like a Surface Pro.. Lol!

posted on 03 Mar 2014, 08:51

11. g2a5b0e (Posts: 3814; Member since: 08 Jun 2012)

Sure, if you're looking at it by today's standards. None of those things were necessarily true when it came out though.

posted on 28 Feb 2014, 21:04 1

3. networkdood (Posts: 6330; Member since: 31 Mar 2010)

oh joy, Al Gore...what a phony

posted on 28 Feb 2014, 21:14

4. rodneyej1 (Posts: 3576; Member since: 06 Jul 2013)

"" Apple shareholders hold annual meeting.. They decide that it would be best to have the iPhone6 run WP8.1, and make Ballmer CEO"""
Lol!!! Just joking.. :-):-):-)

posted on 28 Feb 2014, 23:42

8. Miracles (Posts: 560; Member since: 31 Aug 2013)

The video was rude. Climate change is much more important than them stockholders making money.

posted on 01 Mar 2014, 00:51

9. PBXtech (Posts: 1032; Member since: 21 Oct 2013)

Brutal quote, sounds like they aren't too fond of Tim and miss Steve. Too bad for Tim most shareholders don't know jack about running corporations.

posted on 01 Mar 2014, 04:08

10. superduper (Posts: 151; Member since: 20 Oct 2013)

Not sure how the Mac Pro is not innovative and new. It squeezes an unimaginable amount of power into a tiny frame, much smaller than the average desktop PC tower. I can't think of any cylindrical desktop computers or workstations that existed before it was released. PCs are still box shaped, as they have been since the '80s. That's 30 years of convention overturned.

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