Apple’s quarterly profit probably fell for the first time in over a decade, thanks to new products with lower profit margins and a slowing demand for the iPhone, Bloomberg reports. Fourteen analysts have reduced their estimates for Apple in recent weeks, and on Friday, the Cupertino company’s share price fell below $400 for the first time since December 2011.
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At today’s Apple Shareholders Meeting, CEO Tim Cook admitted that Apple was “looking at new product categories” but that the company had no interest in just “pressing a button or two” to have Apple make the most products.
Rumors are swirling that Apple, a company which has been having a rocky time on Wall Street lately despite reporting their most profitable quarter ever, might announce a decision to issue a stock split tomorrow at their next shareholder meeting, to be held tomorrow.
Greenlight Capital is suing Apple in an effort to get Apple to send back more of its $137 billion cash reserves in the form of shareholder dividends. Apple took this fairly seriously, and issued a press release explaining where they were at on the issue, including the fact that the Cupertino-based company has already given shareholders $10 billion of a planned $45 billion in cash.
Today, however, a judge in the US Court for the Southern District of New York approved a request by both parties in the suit to move the timetable for a response, with Apple planning to file by the end of the day this coming Wednesday, according to a report in the Wall Street Journal.
In a letter to shareholders posted today on the Microsoft Investor website, Steve Ballmer, current CEO of Microsoft, said something surprising.
His comments in the annual letter suggest that Microsoft may take a page out of the Apple playbook and start building its own phones based on the upcoming Surface tablet PCs, similarly to the other hardware made by the Redmond-based tech giant, the XBox 360.
Sprint CEO Dan Hesse has handed back $3.25 million of his own salary in a bid to appease shareholders who have been upset by the carrier’s iPhone deal with Apple. Shareholders spoke out against the arrangement when it was discovered that Sprint did not consider the financial effect of carrying the iPhone when it calculated employee bonuses.
The conference call announced for 9 a.m. this morning hasn’t even happened yet, and Apple’s already announced what they are doing with the cash: initiating a $10 billion share repurchase plan, as well as issue dividends and make strategic investments. All told, they expect to spend $45 billion over the next three years.
We’ll give you more details when the call starts, but for now, here’s the press release.
A potentially major coup has happened at today’s Apple Annual Shareholder Meeting: ignoring the request of Cupertino itself, Apple’s shareholders have approved a measure that now requires a majority vote for the approval of new Board Directors.
That’s big. For the first time, any new appointment to Apple’s Board of Directors will require that the shareholders approve in majority any new appointee. That gives the shareholders a lot more power over the company’s future… and could potentially lead to some interesting power struggles down the road.