Apple's Tim Cook sees dividend hikes, calls succession a priority

Tim Cook

However, Cook said he has noticed "very rapid adoption" of using mobile phone to pay at the cash register during the past 12 months, particularly in Russia, China and certain other countries where early adoption may not have been expected. But seeing as Apple's success has grown substantially over the past fifteen years, so has the interest that they've received.

Cook also said in the Q&A with shareholders that its wearables division which includes Apple Watch and AirPod headphones, was approaching the size of a Fortune 300 company.

Cook dismissed the possibility of a one-time payment known as a special dividend, saying he didn't think that form of distribution "really helps the company or shareholders". "But in terms of annual increases in the dividend, it is something that this board and management are committed to doing". Spotify, the music streaming pioneer that Apple is trying to upstage, has more than 70 million subscribers. The company said last month it expects to pay roughly $38 billion in repatriation tax payments to bring that cash back to the U.S. It's now looking for more, Cook revealed, though didn't go into any detail as to what gaps in Apple's talents it might be looking to fill in the process. Apple's CEO told shareholders he considers the company to be well-placed in the sector.

Apple boss Tim Cook has said that he hopes to see the elimination of cash within his lifetime.

The tech firm has never revealed the exact number of users Apple Pay has or how much revenue it brings in.

"The more and more time we spend on this, the more excited I am that Apple can make a significant contribution here", Mr. Cook said, according to CNBC.

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