Apple Inc. (NASDAQ:AAPL) originally considered the Apple TV product as a “hobby.” Now Apple TV accounted for over $1 billion in 2013 revenues.
“That hobby was over a billion dollars of revenue last year,” stated Apple CEO Tim Cook during Apple’s annual meeting with shareholders. “It’s a little hard to call it a hobby anymore.”
The shareholder meeting almost became about billionaire investor-activitist Carl Icahn battling with Apple to participate in a large stock buyback program. Back in December, Carl Icahn announced a non-binding proposal for Apple shareholders to vote on the buyback program.
However, he announced this month that the proposal is being pulled. This is mainly because trade organization Institutional Shareholder Services told shareholders to vote against Icahn and because Apple increased the volume of its stock repurchase.
Investors were disappointed with Apple’s first quarter results so Cook announced that the company is buying back $14 billion worth of shares in 2 weeks. Apple is expected to buy back $32 billion by the end of the year, which is $18 billion less than what Icahn was looking for.