There's been a lot of attention paid to Apple's market share in both tablets and phones, and Cook addressed this topic during the meeting. He noted that Google's Android is on a lot of phones, but said that Apple has the lead in tablets, and is very aware of the competition. The CEO added that Apple could "press a button or two" to flood the market with devices, but said that this wouldn't be good for the company. He defined success as not making the most, but rather making the best.
Cook said that Apple's new campus, which is slated to be ready by 2016, will be one enormous building, at 2.8 million square feet. He said he hopes to break ground on the construction later this year.
He did touch on Apple's supply chain, particularly with regard to working conditions. Cook noted that Apple was focused on this area before it became a massive news story, adding that when the company found something wrong, it would report it. He mentioned that over 200,000 people are taking advantage of the college courses Apple has posted, and said that Apple has trained over 1 million workers on rights.
A couple of housekeeping matters were cleaned up as well. All of the company's directors were re-elected, including Al Gore, who has attracted some recent criticism. Gore, who co-founded Current TV, was instrumental in selling the cable news network to Al Jazeera for $500 million. Apple's accounting firm, Ernst & Young, was also approved. As executive stock retention proposal, dubbed "say on pay", which would have required top executives to hold 33% of the stock until retirement, failed. The proposal to require a Human Rights committee also failed. (See Apple's proxy statement in its entirety.)Apple shares were lower in Wednesday trading, off 0.98% to $444.59. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV