"We believe the tablet market will surpass the PC market in size. It's a matter of time," Cook said.
The programs will have no future impact on the company's product plans, but are a great move for the company in the long run, said Shaw Wu, senior research analyst with financial analyst firm Sterne Agee.
"This is something we've been asking for some time. Looks like the management is listening," Wu said. "We think this is great for shareholders and employees."
Apple's stock price was at $592 on Monday morning, shy of the $600 mark it passed last Thursday. Canaccord Genuity technology analyst Michael Walkley last week raised the stock price target for Apple to $710 after projecting the new iPad, which became available last Friday, will help the company maintain a dominant share in the tablet market. Walkley wasn't immediately available for comment.
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