Apple CEO Tim Cook disclosed the number, which includes hardware and software sales for the streaming video device, at the company’s annual shareholder meeting today. And at $1B in sales “it’s a little hard to call it a hobby anymore,” he says. He continued his Dance of the Seven Veils with his promise to introduce products that will excite consumers — and investors, who’ve grown anxious as the iPhone and iPad have lost market share to Android-powered rivals. “I’d like to unveil some new products today,” he told shareholders before adding: “I was just kidding about that last part.” He did say, though, that the company increased its spending on research and development by 32% and that will become evident in new products including “some things that are extensions of things you can see and some that you can’t see.” Cook told an investor that he wanted to keep his plans secret because “you can see we’re getting ripped off left, right and sideways.” Activist investor Carl Icahn planned to use the meeting to lobby for a resolution urging Apple to repurchase $50B of its stock, but he abandoned the effort early this month saying that he was content with its current spending.
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