No dividend, buyback in Apple plans

. -- Apple Inc. has no plans to declare a dividend or buy back its stock, Chief Executive Steve Jobs told the company’s annual shareholder meeting Tuesday, adding that iPhone sales were on track.

Jobs said he was confident Apple would hit its 2008 sales target of 10 million iPhones, a figure that some analysts have questioned, and executives said the iPhone would reach Asian markets this year.

When asked about a possible dividend or stock buyback, Jobs said, “At this time, we have no plans to do either.”

Apple’s stockpile of cash and short-term investments topped $18 billion at the end of 2007, leading to speculation the company might spend some of its cash reserves.

Shares of Apple closed up $2.89, or 2.4%, at $124.62.