Apple's Tim Cook sees dividend hikes, calls succession a priority

Share

At the iPhone maker's annual shareholder meeting in Cupertino, California, Mr Cook responded to a question on whether the company might double its dividend after recent changes to United States tax laws allowing corporations to bring back overseas cash at lower tax rates.

Apple's shares are up 17% higher for the past 12-month period and down about 9% year-to-date in 2018.

Shareholders who gathered in the company's Steve Jobs Theater also heard Cook tell them Apple's wearables business is nearing the size of a Fortune 400 company.

Cook dismissed the possibility of a one-time payment known as a special dividend, saying he didn't think that form of distribution "really helps the company or shareholders". The CEO said he's "not a fan" of special dividends but said the company's board remains "committed" to annual dividend increases.

Apple to gain market share? Seeing as Apple's current stock price is falling, albeit, at a slow rate, this will surely be brought up by the investors themselves.

More news: Egypt in top-level talks with U.S. on political, economic, security releations
More news: Sea of Thieves: can it put Rare back on top?
More news: Chicago Police Officer Shot and Killed in Downtown

The shareholder meeting is a part of Apple's annual corporate schedule.

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.

Prodded by the lower rate on foreign profits, Apple will pay a $38 billion on its repatriated cash and use some of the money to hire 20,000 more USA workers and build a second corporate campus in the country to supplement its sprawling headquarters in Cupertino, California. A further update in December 2017 enabled Apple Pay Cash payments to be made by Apple Watch. In 2013 to be a Fortune 500 company you needed at least $4.825 billion in revenue.

"We are saying we would like to pay (the tax) and for paying we would like to use the residual profits to invest in this country", Cook said.

Share