Apple Is ‘Confident in the Future’
6:45 am, February 26th, 2009, Ed Sutherland
Despite grumbling by some shareholders about how Apple handled health news of CEO Steve Jobs, the acting head of the media company expressed confidence the firm will continue to succeed.
“I’m confident in the future,” operations chief Tim Cook told shareholders during an hour-long meeting at Apple headquarters.
In terms of market success, Cook’s comment appeared to be on mark. Sales of 9.7 million Macs in 2008 were triple that of anemic PC demand. The iPod, a maturing product many thought was nearing the end of its lifespan, sold 55 million units. The iPhone, a key product for Apple, exceeded expectations, selling 13.7 cell phones, trouncing Apple’s goal of 10 million handsets in 2008.
On other issues, however, Apple retained tight control of the information flow. Although Apple’s stock had taken a roller-coaster ride and an SEC investigation launched, the company said it had done enough to inform shareholders about Jobs’ health status.
“We believe we have met all disclosure obligations,” Apple board member and Genentech CEO Arthur Levinson said. “If there is new information we deem of import to disclose, that will happen,” the New York Times quoted Levinson.
The response did not please some investors who had attended in hope of gaining more details about why Jobs took a medical leave of absence expected to end by the end of July.
“I’m disappointed the board was not more forthcoming,” Dow Jones news service quoted an AFL-CIO representative, Brandon Rees. The AFL-CIO a major Apple shareholder, also saw its initiative asking the company to reform its health care policy defeated.
While no further details of Jobs’ health status were released, all eight re-elected Apple board members joined with the audience to sing ‘Happy Birthday’ to their iconic leader.
Posted by Ed Sutherland in News | Comment on this article
Apple should be very confident about the future. More people are switching from PCs to Macs everyday. The iPod and iPhone sells are going strong. Despite the bad economical times we are in, Apple’s continued success isn’t surprising.
411macjunkie, on February 26th, 2009 at 7:30 am
Sorry to be all picky, but you said Apple sold “13.7 cell phones” when I’m guessing it should’ve been “13.7 million cell phones”. I’d be worried about Apple if they only sold 14 units, and one of the phones was 3/10ths broken off…
Derek, on February 26th, 2009 at 2:44 pm