CUPERTINO, Calif. — Apple Chief Executive Officer Tim Cook said the company sold more than $1 billion worth of Apple TV set-top boxes in 2013 and reassured shareholders at the annual meeting that the company is investing heavily in the next generation of products.
"We're working on some things that are extensions of things you can see and some that you can't see," Cook said at the annual shareholders' meeting on Friday, referring to a 32 percent increase in research and development costs last year.
Cook said Apple has acquired 23 companies in the last 16 months and remained on the lookout for interesting technology and companies. While Apple is not "in a race" to acquire the most companies or to spend the most money, that "doesn't mean we won't buy a huge company tomorrow afternoon," he said.
