Highlights of Apple's 2018 Shareholders Meeting

[OldSchoolMacGuy]

You are probably right. But I'm also pretty sure that Apple cares about its culture much more than anything else. So promotion will HAVE to come from within. And it does not have to be a financial guy. Jobs was not a finance guy. I'm not sure how many tech companies are lead by finance guys.

But as you say, Cook is doing a great job. It will be his job for as long as he wants it or until health reasons create a problem. And I understand that he is a healthy living guy. And he loves the company and work. So we could be looking at 15 more years of his leadership.

Jobs wasn't a finance guy, but he was the founder. Founders are completely different than CEOs after. You see a far larger range of types in the founding CEO position than in the CEOs promoted to the position. People like Jobs would never be CEO if they didn't found the company. Same could be said about many other founders, like Zuckerberg for example.

In most cases, the CFO becomes CEO. If the company is struggling with image, it may be the CMO. If it's having operations issues, the COO. Really dependent on what it needs at the time but those are generally the most common people who get the CEO promotion (or are tapped to be CEO at another company).

 

[niun]

Cook also said he hopes he'll still be alive "to see the elimination of money."

Sure you got that quote correct?
"to see the elimination of taxes"

 

[robbyx]

Cook admitting "payments taking off slower than we thought" reminds me a lot of how they responded to the trash can Mac Pro not being what pro's wanted. A day late and a dollar short. I just don't believe they've added enough value to using my credit card via a phone vs using my actual credit card. Either everything in my wallet has to go digital (I'm looking at you drivers license!) or the digital cards have to add more value than physical ones (rewards programs?)...it's pretty much that simple to me.

I agree. I see no advantage to Apple Pay really. Some people throw around security as an advantage, and while Apple Pay definitely is more secure, who cares? My credit card number seems to get stolen roughly once a year. I’ve never had to pay for any charges that weren’t mine. I’m used to credit cards and I know that my credit card will be accepted everywhere, unlike Apple Pay. So why bother? A rewards program would probably entice me to use Apple Pay more.

 

[Cosmosent]

Just think where Apple could be today, if the "10-year" anniversary iPhones were all-about "10-bit" extended "color" capture & display !

They (Apple's Upper Mgmt) blew it BIG time !

In fact, their pitch could have simply been "check this out, we've now got 10-bit color at 10 years" ! ... even Mark Cuban could have understood that phrase (I believe he was on CNBC earlier today) !


Consider how this would have played-out, starting in Sept 2017, with NO mention of any OLED iPhone:

X: 4.7" LCD for $649, w/ 10-bit color, both capture & display, & with 3 GB of DRAM

X Plus: 5.5" LCD for $749, w/ 10-bit color, both capture & display, & with 4 GB of DRAM

At 10 years, Apple removed the Hardware Home Button, and with it a great capability (the ability to efficiently manage DRAM), and instead gave the world Face ID, & Animoji ... when it (the 10-year iPhones) should have been ALL-ABOUT 10-bit color !

Tim Cook is NOT an intelligent man, and has proven it every step of the way ! ... a well-trained Monkey could run Apple better than Cook does ! ... at least on the strategy side ... cronyism is the ONLY word that could be used to describe Apple's board ... otherwise, they would have acted long ago.

And specifically, it needs to be 10-bit extended color "capture" via AVCaptureVideoDataOutput, or it's meaningless.

 

[robbyx]

I'm not a fan of the direction Tim Cook is taking Apple.
No mac mini, no routers, no monitors, no mac pro, MacOS apps to be approved, Facetime needs advancement, other technologies needs work, decreasing quality and increasing prices, etc, wasting time and money so people can consume crap TV shows for the US market that will be immediately forgotten, decreasing lack of focus for countries other than the US, etc

Apple is all about services revenue these days. They’re never going to focus on the Mac like they do on hardware that brings in more Apple Music subscribers. This is the new reality unfortunately.

 

[I7guy]

I agree. I see no advantage to Apple Pay really. Some people throw around security as an advantage, and while Apple Pay definitely is more secure, who cares? My credit card number seems to get stolen roughly once a year. I’ve never had to pay for any charges that weren’t mine. I’m used to credit cards and I know that my credit card will be accepted everywhere, unlike Apple Pay. So why bother? A rewards program would probably entice me to use Apple Pay more.

I use Apple Pay frequently; depending on where my phone vs my wallet is. If it’s in a “safe” place and my phone is in my shirt I use Apple Pay. Most places where I live accept Apple Pay, except seemingly cvs and Walmart. Even the corporate cafeteria accepts Apple Pay.

 

[Cosmosent]

Forgot to mention something critically important ... if Samsung beats Apple to the punch with "10-bit color capture & display" (with their S9 / S9+), then every single iPhone will IMMEDIATELY lose it's luster, NO MATER how new it might be !

 

[uwdude]

Actually, getting 32% of shareholders to vote for a proposal like the relaxed director rules is kind of a big deal. I believe less than that voted to oust Eisner when he was forced out of Disney. Some big institutional investors had to be on board to get to 32%. I'm surprised if Apple isn't negotiating to put a version of that in place.

 

[Icestorm815]

"...while another asked when Apple will introduce a waterproof iPhone (iPhones have been water resistant since the iPhone 7)."

Waterproof is not the same thing as water resistant, so it's a reasonable question. Perhaps it would have better phrased, "When will Apple introduce an iPhone with IPx8 rating?"

 

[robbyx]

Forgot to mention something critically important ... if Samsung beats Apple to the punch with "10-bit color capture & display" (with their S9 / S9+), then every single iPhone will IMMEDIATELY lose it's luster, NO MATER how new it might be !

Do you really believe the average person knows, much less cares, about 10 bit color?

 

[Rocketman]

Thank GOD Cook doesn't like special dividends. We want more buybacks. Buyback those shares, Tim.

In the new tax environment mergers and expansion trumps (sic) buybacks and dividends. That is actually the good news. Look forward not back.

 

[Baymowe335]

In the new tax environment mergers and expansion trumps (sic) buybacks and dividends. That is actually the good news. Look forward not back.

And the best company Apple can buy is AAPL.

 

[jinnj]

Cook admitting "payments taking off slower than we thought" reminds me a lot of how they responded to the trash can Mac Pro not being what pro's wanted. A day late and a dollar short. I just don't believe they've added enough value to using my credit card via a phone vs using my actual credit card. Either everything in my wallet has to go digital (I'm looking at you drivers license!) or the digital cards have to add more value than physical ones (rewards programs?)...it's pretty much that simple to me.

Ask your CC company for a reward. Except for the personal Pay, Apple is not offering you a line of credit. I prefer to use Apple Pay because it's faster than looking into my wallet for a card, having it read the chip and entering pins. With Apple Pay, it's just tap, approval on screen and go. Recent trend has been to ask for a pin but I think that maybe be for purchases over certain amounts.

 

[Baymowe335]

"I'm not gonna sell my stock or buy the competitor's stuff because it's even worse," he said.

Yup. And you can tell by all the software updates, they're not ever adding new features, just doing bug fixes. How many bugs can there be? Lots. And lots left.
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We only survey satisfied iPhone X users.

Maybe people who actually own it, like it?

Love how you haters ignore numbers and dig your heels in on your false narratives.

 

[jinnj]

I guess many people in a lot of European countries hope to be still alive till Apple Pay “is being launched at all“

Not up to Apple. Complain to your banks. The reason for the initial surge in Apple Pay adoption by CC companies was that it gave them a unified platform (NFC Payments with the same CC fees) where the Big 3 (Amex, MC and VISA) could lock in users. Remember what was in the works by the big retailers... CurrentC. As Apple announced Apple Pay, all of the CurrentC retailers started to remove NFC payments from their POS systems. Win for the credit card companies. Why? Because CurrentC required AHC access to your bank account so there would be no CC fees for them. But AHC access also has no fraud protection. So imagine what would happen if CurrentC got hacked. It's creators MCX were handling Home Depot and Target transactions when they got hacked!

 

[philryan]

With Tim, Apple is doomed. More bugs and bad decisons coming.
Apple needs a CEO, not a political activist.

Apple has doubled or even tripled in revenue size since Cook took over, 6.5 years ago.

Apple now sells more iPhones every quarter than it did in 2011.

I don’t agree with everything (e.g. Beats acquisition), but then again, some things that I thought might be crap, like Apple Watch, the iPhone X, have actually been hugely successful. No-one here thinks that Apple is doing enough on the Mac front, we’re largely computer geeks after all, but Apple is certainly leading the way in creating the post-PC world via the iPad-iPhone-Watch-HomePod.

I for one hope that Tim Cook stays for a good long time.

 

[jinnj]

Forgot to mention something critically important ... if Samsung beats Apple to the punch with "10-bit color capture & display" (with their S9 / S9+), then every single iPhone will IMMEDIATELY lose it's luster, NO MATER how new it might be !

Yeah because rushing to get the latest technology is how Apple has been staying ahead... NOT! Implementing it correctly has been Apple's strong point. Like NFC, Android was first BUT it was also first to get hacked by just sitting next to someone! (Demo at one of the defcons). True HD 1080P screens were first on Android phones. Their battery couldn't last a playback of 2.5 hours! And just keep going on! Only thing that upsets me about upgrading my iPhone 6S in a year or two is the lack of TouchID. I'm so hooked on it that I refuse to use finance apps if they don't offer it.
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Apple has doubled or even tripled in revenue size since Cook took over, 6.5 years ago.

Apple now sells more iPhones every quarter than it did in 2011.

I don’t agree with everything (e.g. Beats acquisition), but then again, some things that I thought might be crap, like Apple Watch, the iPhone X, have actually been hugely successful. No-one here thinks that Apple is doing enough on the Mac front, we’re largely computer geeks after all, but Apple is certainly leading the way in creating the post-PC world via the iPad-iPhone-Watch-HomePod.

I for one hope that Tim Cook stays for a good long time.

As a developer, I think OS X has all of the bells and whistles I need in an operating system. In fact, it's POSIX roots provide me a wide variety of software options. The hardware might not be the latest and greatest but I have trouble maxing out my MacBook Pro. I used a Windows 7 machine at work and it's a dog. Both are i7 but compiles and just opening Apps are killing me. I take a coffee break when I need to open the IDE every morning. Windows 10 is suppose to run faster and better plus added Linux in a container! But it will be a cold day in hell when IT comes around to upgrading us!

 

[ipedro]

Cook admitting "payments taking off slower than we thought" reminds me a lot of how they responded to the trash can Mac Pro not being what pro's wanted. A day late and a dollar short. I just don't believe they've added enough value to using my credit card via a phone vs using my actual credit card.

Electronic payments are only taking longer than they thought because the US is so far behind and moving at a glacial pace. Americans still write numbers and their signatures on pieces of paper to pay for things. In most of the developed world, fully electronic payments are standard. Everywhere I go in Toronto, everyone from the big chain store to the ice cream truck accepts ApplePay.

Either everything in my wallet has to go digital (I'm looking at you drivers license!) or the digital cards have to add more value than physical ones (rewards programs?)...it's pretty much that simple to me.

I don’t get why if you drive, you have to keep your driver’s license in a wallet. If you have a car, why not just keep it in the glovebox?

I’ve gone fully digital. All the debit/credit and reward cards in my wallet are now digital. My keys are digital. I don’t carry a wallet.

 

[jonnysods]

Tim may not like them, but I still hope there is a nice uptick in dividends this year. 10%/yr increase is nice, but with a few extra billion laying around, it wouldn't kill them to help me out a bit more.

But...I have a feeling they will only drastically increase their stock buyback. In theory that should at least keep the stock price moving up.

Is the buy back what they did a while ago when they split our shares?

 

[deanthedev]

I agree. I see no advantage to Apple Pay really. Some people throw around security as an advantage, and while Apple Pay definitely is more secure, who cares? My credit card number seems to get stolen roughly once a year. I’ve never had to pay for any charges that weren’t mine. I’m used to credit cards and I know that my credit card will be accepted everywhere, unlike Apple Pay. So why bother? A rewards program would probably entice me to use Apple Pay more.

Security is a huge advantage. While you're not responsible for charges from a stolen card, you're still paying for fraud somewhere (fees, interest, higher retail prices). Besides, I like the idea of giving a big f u to criminals by making it difficult for them to profit off stolen cards/numbers. That and not having to go through the hassle of getting a new card and having to update my details everywhere I use my card.

Apple Pay is also very convenient (at least in Canada where tap & pay cards are accepted almost everywhere). When I go out to the pub with friends I only take my Apple Watch. No wallet or phone to get stolen/lost, I can still pay for everything and if I get an important text/call I can still receive it. It's quite liberating to go out with nothing in my pockets I have to think about.

I think Cook is talking more about the US market, where tap & pay is not nearly as popular as in other countries.

 

[roar08]

Sure you got that quote correct?
"to see the elimination of taxes"

Yes, it's exactly what he said. He wants to replace physical money with digital money.

 

[deanthedev]

I don’t get why if you drive, you have to keep your driver’s license in a wallet. If you have a car, why not just keep it in the glovebox?

I’ve gone fully digital. All the debit/credit and reward cards in my wallet are now digital. My keys are digital. I don’t carry a wallet.

I'm waiting until a drivers license or other ID can legally be kept on a mobile device (phone for sure but smartwatch would also be great). Also waiting until my Apple Watch can be paired with my car so I don't even need to carry keys to lock/unlock or start the engine. Then I could literally leave the house with only my Watch if I wanted.

 

[btbeme]

Seems to me there’s only two, maybe three likely internal candidates to succeed Cook as CEO. Jeff Williams, Phil Schiller and maybe Angela Ahrendts. In that order.

I'd reverse that order if I were a betting man.

 

[QCassidy352]

Cook admitting "payments taking off slower than we thought" reminds me a lot of how they responded to the trash can Mac Pro not being what pro's wanted. A day late and a dollar short. I just don't believe they've added enough value to using my credit card via a phone vs using my actual credit card. Either everything in my wallet has to go digital (I'm looking at you drivers license!) or the digital cards have to add more value than physical ones (rewards programs?)...it's pretty much that simple to me.

For me, the value is in the added security. I also see value in decreasing the number of items in my wallet, even if the entire wallet is not yet eliminated. Each hard-card I can remove is a good thing, even though I'd agree that the ultimate goal is total elimination of the wallet.

Unfortunately, we're not there yet, and not close. Well under half of the places I regularly spend money take Apple Pay. I can't even yet fathom the day that it's close enough to 100% to leave the physical card at home - we're really that far away. (and I live in the Bay Area!)

 

[ersan191]

Interesting. He said "mobile payments" instead of Apple Pay. I think that's key. By now I think it's obvious Apple Pay isn't where they would like it to be. I am not sure about Russia, but the mobile payment adoption speeding up in China might be associated with Apple's decisions surrounding Alipay and WeChat. I have no evidence, but I think Apple misjudged end user willingness to change. They got most banks involved fairly quickly and easily. Businesses followed more slowly, kicking and screaming while doing it. Customers, by and large, don't seem to care. I think it's because paying for stuff really isn't that hard no matter how you do it.

I don’t agree - there are still lots of businesses who don’t accept mobile payments and lack of universal acceptance is hindering end user adoption.
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For me, the value is in the added security. I also see value in decreasing the number of items in my wallet, even if the entire wallet is not yet eliminated. Each hard-card I can remove is a good thing, even though I'd agree that the ultimate goal is total elimination of the wallet.

Unfortunately, we're not there yet, and not close. Well under half of the places I regularly spend money take Apple Pay. I can't even yet fathom the day that it's close enough to 100% to leave the physical card at home - we're really that far away. (and I live in the Bay Area!)

I don’t think mobile payment security is significantly better than EMV chips (other than the card itself being physically stolen), and credit card fraud isn’t really an end user problem anymore anyway - every issuer that I know of does not hold cardholders responsible for fraud.