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Apple's Jobs: No Dividend Or Stock Buyback Planned

Apple CEO Steve Jobs told shareholders that the company has no plans for either a stock buyback or dividend.

Apple CEO Steve Jobs.
Alastair Grant
Apple CEO Steve Jobs.

"At this time, we have no plans to do either," Jobs said at Apple's annual meeting.

Jobs added that Apple expected to hit its 2008 sales target of 10 million iPhones, a figure which some analysts have questioned in the face of a weaker U.S. economy.

Apple expects to start selling its iPhone communications device in Asia this year, but would not say specifically when it will enter the key market of China, Chief Operating Officer Tim Cook told the annual meeting.

"We will enter Asia with the iPhone in 2008 ... we will one day enter China, we're not saying when, and we will one day enter India," Cook said.

Apple said the annual meeting passed a resolution in favor of an annual advisory vote by shareholders on executive compensation.

The proposal had been opposed by the board of directors. It urged the board to put up to shareholders a nonbinding resolution each year regarding pay of top executives.

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