Apple sticks to its Guns on iPhone Goal

From MarketWatch.com
At Apple's annual shareholder meeting on Tuesday, Chief Executive Steve Jobs said the company remains comfortable with its previously stated iPhone sales goal of 10 million units globally by the end of 2008 -- some 18 months after the product was first launched in North America, under an exclusive partnership with AT&T Inc. "There are plans in place to achieve our 10 million iPhone goal," Jobs said in response to a shareholder's question.

Another concern is the issue of "unlocked" iPhones - phones that have been purchased but altered to work on wireless networks other that AT&T in the U.S., or those of Apple's partners in the U.K., Germany and France.

Many of the unlocked iPhones have reportedly turned up in China and India, where the device is not officially on sale. Apple Chief Operating Officer Tim Cook told shareholders that the company would bring the iPhone to Asian markets this year, but didn't divulge more detail about the company's plans. "We will be in China and India," Cook said, without revealing any timetables for the iPhone's debut in those countries.

Also at the meeting -- held at the company's headquarters in Cupertino, Calif. -- Apple told investors that it does not plan any share buybacks or dividends. It had more than $18 billion in cash and short-term investments on the books as of Dec. 29, 2007. In addition, shareholders approved a resolution sponsored by investors that gives them an advisory vote on pay for top executives. Similar proposals dealing with stock-options grants were defeated at last year's annual meeting.

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