“It’s a little more difficult to call it a hobby these days,” said Apple CEO Tim Cook in Friday’s shareholder’s meeting.
The Apple TV has always been seen as a precursor to Apple’s expansion into the actual television production business, although signs point to them creating a more powerful Apple TV rather than an actual television. Through sales of the device and content in the iTunes store, the Apple TV racked up more than $1 billion in sales.
While Google snaps up big names in the technology field like Nest and Boston Dynamics, Apple has made 23 company acquisitions in the last 16 months, according to Tim Cook, though investors are looking to the company to make use of its nearly $160 billion cash reserve.
When pressured to discuss new products in the pipeline, Cook was mum about the subject, and pointed to unnamed manufacturers who were copying Apple’s ideas.
“You can see we’re getting ripped off left, right and sideways,” Cook said.