CUPERTINO, Calif. — Apple CEO Tim Cook took a figurative victory lap at his company's annual shareholder meeting, one day after he announced details about the new smartwatch Apple plans to start selling next month.
A year ago, some investors were voicing frustration over Apple's lagging stock, and activist Carl Icahn was pressing Cook to return more cash to shareholders. But no complaints were heard Tuesday. Apple shares are up 65 percent from a year ago, the company has a market value of more than $700 billion — making it the most valuable U.S. company in history — and will soon bump AT&T to join the benchmark Dow Jones industrial average.
Apple sold a record 200 million iPhones in 2014, which provided the bulk of the company's $200 billion of revenue. Cook cited those and other milestones in what he called an "unbelievable" year.
The stock fell 1.7 percent Tuesday, amid a broader market decline, as some analysts questioned whether the company's new smartwatch will be a hit.
Jesse Jackson and a black Apple shareholder who did not say his name when he spoke, urged Cook to improve diversity in Apple's leadership and board.
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