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Infinite Loop, many investors had publicly debated whether Apple should not put any of its massive cash pile to better use.
Cook said the company will provide an update within 60 days on how it will use the cash, which totaled nearly $160 billion at the end of 2013. That time frame is in line with Apple's previous comments that it would announce its latest cash management plans around April.
Apple repurchased $14 billion in stock in a two-week period earlier this year, under pressure from activist investor Carl Icahn, who had been publicly calling for the iPhone-maker to buy back an additional $50 billion of stock on top of its existing buyback program.
The billionaire investor, who in late January said he held more than $4 billion of Apple shares, withdrew his shareholder proposal following Apple's announcement of the buyback.
Some analysts believe Apple may eventually dip into its coffers to buy something big. The iPhone maker has so far shied away from the mega-acquisitions that far more aggressive rivals like Google and Facebook Inc have pursued, though Cook did not rule out forking over a big sum of cash if warranted.
Cook said Apple has acquired 23 companies in the last 16 months and remained on the lookout for interesting technology and companies.
Apple is not in a race to acquire the most companies or to spend the most money, but that "doesn't mean we won't buy a huge company tomorrow afternoon," he said.
And he warned shareholders not to focus too narrowly on short-term gains.
"If you're in Apple for only a week ... or two months, I would encourage you not to invest in Apple," he said.
"We are here for the long term."