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Apple CEO says 'company has more money than it needs'

international , Fri, 24 Feb 2012 ANI

London, Feb 24 (ANI): Apple CEO Tim Cook has acknowledged that the tech giant has more money 'than it knows what to do with'.


Cook said that Apple's current 97.6 billion dollars in cash and investments had grown by nearly two-thirds in a year and was "more than we need to run a company".


While speaking in the firm's annual general meeting in California, Cook said that Apple was in 'active discussions' about what to do with the cash pile.


"The board and management team are thinking about this very deeply," The Telegraph quoted him, as saying.


According to the report, some shareholders have called for the money to be returned to investors, in the form of a dividend or share buyback.


Analysts have suggested it could buy a film or television production business to help support its supposed ambition to do for TVs what it has done to the music and mobile industries with the iPod and the iPhone.


Meanwhile, critics said Apple should increase wages for the Chinese workers who produce its goods. (ANI)


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