Apple CEO says he feels shareholders' pain, urges long view
CUPERTINO, California (REUTERS) - Apple Inc chief executive officer Tim Cook on Wednesday acknowledged widespread disappointment in the company's sagging share price but shared few details about its secretive product pipeline and touched only briefly on a raging debate about how best to reward shareholders.
The world's most valuable technology company headed into its annual shareholders' meeting at its headquarters on shakier ground than it has been accustomed to in years, since the iPhone and iPad helped vault the company to premier investment status.
A declining share price has lent weight to Wall Street's demand that it share more of its US$137 billion (S$170 billion) in cash and securities pile - equivalent to Hungary's Gross Domestic Product, and growing - a debate now spearheaded by outspoken hedge fund manager David Einhorn.
Mr Einhorn was not spotted at the meeting at the company's headquarters at 1 Infinite Loop in Cupertino.