Apple's Wearables Business Revenue Is Fortune 300-Class Company Says Tim Cook

Tim Cook chief executive officer of Apple said he was not a fan of special dividends

Cook also said in the Q&A with shareholders that its wearables division which includes Apple Watch and AirPod headphones, was approaching the size of a Fortune 300 company. Nonetheless, the chief exec said that he still hoped "to be alive to see the elimination of money".

The sweeping tax reforms passed by Congress in late December included a provision lowering the rate on companies' overseas cash to 15.5 percent, below the 21 percent paid on profits made in the U.S. Before those changes, corporate profits held outside the U.S. were taxed at a 35 percent rate when brought back into the country - a levy that prompted Apple and other major tech companies such as Microsoft and Google's corporate parent, Alphabet Inc., to amass huge sums of money in overseas accounts.

Apple also added a new feature with a recent iOS update that lets iPhone users send cash to each other via iMessage.

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"After they've paid their taxes and repatriation, Apple will have somewhere around $230 billion in cash". Nonetheless Cook gave shareholders an indication of which direction the Watch's trajectory is going in. Most recently, and thanks to the Apple Watch Series 3, cumulative Apple Watch sales have exploded in recent months. Again, without any sort of underlying knowledge of just how many watches Apple sold at any point it's hard to extrapolate something solid from that.

At the time, Cook wasn't expressing a belief in the transience of all material things, but addressing the company's mobile payment solution, Apple Pay, which has "an extraordinary future ahead of it", according to Cook. It's now looking for more, Cook revealed, though didn't go into any detail as to what gaps in Apple's talents it might be looking to fill in the process.

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