Apple CEO Says Customers Have Been Slow to Pay with Mobile Phones

[Amazonnnogu]

Consumers have been using mobile phones to pay for goods and services at the cash register more slowly than expected, Apple (NASDAQ:AAPL) CEO Steve Cook told shareholders at the companys annual meeting on Tuesday, Feb. 13.

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However, Cook said he has noticed very rapid adoption of using mobile phone to pay at the cash register during the past 12 months, particularly in Russia, China and certain other countries where early adoption may not have been expected. Despite Apple adding the capability to its iPhones in 2014, acceptance has lagged as many point-of-sale terminals still have not been made compatible with the new technology.

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In response to a shareholders question, Cook said he was not really a fan of using any of the estimated $285 billion in cash that the company might return to the United States due to the recently passed federal tax law to pay a special dividend. But Apples board of directors and management are committed to increasing their annual dividend (https://www.reuters.com/article/us-apple-shareholders/apple-ceo-downplays-special-dividend-at-shareholder-meeting-idUSKCN1FX2GA) payment to shareholders, he added.

[Andrewaxola]

Loup Ventures Managing Partner Gene Munster said earlier this week during an appearance on the Varney & Company show that about $70 billion could go towards share buybacks, with additional funds allocated to special dividend payouts and additional acquisitions.

[AndrewExelo]

The companys 175-acre corporate campus that hosted the shareholders meeting eventually is expected to be used by around 12,000 company employees.