Skip to Content

Apple CEO Jobs favors flexibility of cash hoard

February 25, 2010

CUPERTINO, Calif. (AP) – Apple Inc., buoyed by the success of the iPhones, iPods and computers it churns out to breathless buyers, could give some of its $25 billion in cash back to shareholders. But CEO Steve Jobs said Thursday that he thinks Apple is better off keeping that money stockpiled.

At the company’s annual meeting, one shareholder asked Jobs whether the company would use some of its hoard to pay a dividend. Jobs didn’t seem keen on the idea, saying the cash gives Apple “tremendous security and flexibility.”

If Apple decides to acquire another company, it can do so by writing a check instead of borrowing money, he said.

“Who knows what’s around the next corner?” he said.

Apple executives also said they have ambitious plans to expand in China: They expect to open as many as 25 retail stores in the country in the next two years. Apple’s first store in China opened in Beijing in 2008.

Jobs, a survivor of pancreatic cancer who was on medical leave during last year’s annual meeting, was on stage at Apple headquarters Thursday in his standard uniform of a black turtleneck, blue jeans and wire-rimmed glasses. Looking thin and unshaven, he nodded appreciatively in response to shareholders who said they were glad he was back.

During the meeting Apple shareholders rejected two proposals that sought to force the company to do more to analyze its impact on the environment.

One proposal would have asked Apple to produce a detailed environmental sustainability report. The other called for a board committee focused on sustainability. Apple, which had opposed the measures, said investors rejected the proposals but did not give voting percentages.

Responding to shareholder questions about Apple’s environmental record, Jobs pointed to several steps he said the company is taking, such as getting suppliers to make products with nontoxic materials and reducing waste by cutting down on extraneous packaging.

Apple shares rose $1.34 to close at $202. The shares have traded between $82.33 and $215.59 over the past year.

Copyright 2010 The Associated Press.

Keep Reading

Most Popular

Workers disinfect the street outside Shijiazhuang Railway Station
Workers disinfect the street outside Shijiazhuang Railway Station

Why China is still obsessed with disinfecting everything

Most public health bodies dealing with covid have long since moved on from the idea of surface transmission. China’s didn’t—and that helps it control the narrative about the disease’s origins and danger.

crypto winter concept
crypto winter concept

Crypto is weathering a bitter storm. Some still hold on for dear life.

When a cryptocurrency’s value is theoretical, what happens if people quit believing?

individual aging affects covid outcomes concept
individual aging affects covid outcomes concept

Anti-aging drugs are being tested as a way to treat covid

Drugs that rejuvenate our immune systems and make us biologically younger could help protect us from the disease’s worst effects.

Stay connected

Illustration by Rose WongIllustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.