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Apple CEO promises new products, says Apple TV no longer a "hobby"

Published on Mar 1, 2014 6:02 AM
A screen shot showing the OS update menu for the new Apple TV is pictured as Craig Federighi, Apple Senior Vice President, Software Engineering, discusses the Mountain Lion OS during the Apple Worldwide Developers Conference 2012 in San Francisco, California on June 11, 2012. -- FILE PHOTO: REUTERS

CUPERTINO, California (REUTERS) - Apple Inc sold more than US$1 billion (S$1.27 billion) of Apple TV set-top boxes in 2013 and is investing heavily in the next generation of products, Chief Executive Tim Cook said at the company's annual meeting on Friday.

Apple's ability to again transform the fast-moving technology arena is the central question in investors' and Silicon Valley executives' minds as the company's growth slows, and rivals like Samsung Electronics Co Ltd and Google Inc take chunks out of its market share.

Industry executives and Apple observers continue to believe that the company will come up with some sort of wearable device, like a smartwatch, and speculation persists about a long-rumored TV product of some sort to shake up the living room viewing experience.

"We're working on some things that are extensions of things you can see and some that you can't see," Mr Cook said at the annual meeting, referring to a 32 per cent increase in research and development costs last year.

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