Apple sold more than $1 billion of Apple TV set-top boxes in 2013 and is investing heavily in the next generation of products, CEO Tim Cook said at the company’s annual meeting on Friday.
The $99 Apple TV set-top box, which streams content from Netflix and other video sources to a TV, had racked up $1 billion in sales in the past year, he said.
Apple’s ability to again transform the fast-moving technology arena is the central question in investors’ and Silicon Valley executives’ minds as the company’s growth slows, and rivals like Samsung and Google take chunks out of its market share.
Cook promised that Apple is working on new gadgets that will expand the company’s product line-up beyond smartphones, tablets, music players and personal computers without divulging any details.
“There is a ton of stuff going on,” Cook said.
Industry execs and Apple observers continue to believe that the company will come up with some sort of wearable device, like a smartwatch.
Meanwhile, shareholders approved the company’s proposals and rejected those that the board opposed in a show of support for Cook.
Apple recently faced down activist investor Carl Icahn, who had called on the company to increase its share buybacks.