A year ago, some investors were voicing frustration over Apple's lagging stock and activist
Apple sold a record 200 million iPhones in 2014, which provided the bulk of the company's $200 billion in revenue. Cook cited those and other milestones in what he called an "unbelievable" year. He also said Apple returned $57 billion to shareholders through dividends and stock buybacks last year.
Its stock fell $2.63, or 2.1%, to $124.51 on Tuesday, amid a broader market decline, as some analysts questioned whether the company's Apple Watch will be a hit. Cook has vowed that the new wearable gadget will change the way that people use the Internet, as previous Apple products including the iPhone and iPad have done.
The company also said it had work to do on diversity efforts.
Two speakers, civil rights leader the
Cook promised more progress. Later in the meeting, he introduced two Apple vice presidents who are black women: Lisa Jackson, the former Environmental Protection Agency administrator who now runs Apple's environmental programs, and Denise Young Smith, the company's top human resources official.
"Our diversity is increasing," Cook said. "I want it to be better. It will be better."
As for future projects, Cook acknowledged that iPad sales are down but said he's "extremely bullish" on Apple's partnership with IBM to create new iPad business software and "other things in the pipeline." An iPad with a larger screen is rumored to be in development.
Cook ducked questions from two investors who urged him to buy or partner with Tesla Motors Inc., the high-end electric car maker. Apple has hired several automotive engineers but has not confirmed reports that it may be working on its own electric car.