Feb 28 2014, 7:26pm CST | by Forbes
At the annual Apple shareholder meeting, CEO Tim Cook discussed the traction of the Apple TV in 2013. Cook revealed that the Apple TV generated over a “billion dollars of revenue last year.” Apple used to consider the $99 set-top box as a “hobby” product, but it has clearly grown by leaps and bounds since then.
“It’s a little more difficult to call it a hobby these days,” said Cook at the meeting via Reuters . Cook refused to discuss products under development because he did not want to give the competition any ideas.
The $1 billion milestone was not entirely based on the hardware sales of the set-top box. It also included the movie and TV show purchases that passed through the Apple TV. Cook did not disclose how many Apple TV units were sold for the year. The Apple TV is used for watching Internet video from third parties and to wirelessly stream content from iOS devices.
Despite the tension leading up to the annual shareholders meeting, all of Apple’s board members were re-elected. Many of Apple’s investors question how the company uses its cash. For example, activist investor Carl Icahn insisted that Apple buys back an additional $50 billion in shares beyond the existing buyback program.
Icahn dropped the buyback push on February 10th after proxy advisory firm Institutional Shareholder Services told shareholders to vote against him. Cook said that investors should not focus on short-term gains because the company is here for the long term.
[Image Credit: Apple.com ]
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