Apple's Not a Hardware Company: Live Blog Recap
Cook touched on Apple's $137 billion cash hoard, which came under attack last week from hedge fund manager David Einhorn. Einhorn sued Apple, asking shareholders to fight against the company. He's put out a letter asking shareholders to vote against Apple's proposal (Proposal 2) to do away with preferred stock, which he says restricts "the Board's ability to unlock the value on Apple's balance sheet." Cook called the lawsuit "a silly sideshow."
The CEO also outlined the company's fiscal philosophy. "Apple doesn't have a Depression-era mentality. Apple makes bold and ambitious bets on products, and we're conservative financially," Cook said during the conference. He also noted that Apple's "seriously considering" proposals from Greenlight, as well as other shareholders.
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