Apple TV brings in revenues of US$1 billion

Apple reportedly made US$1 billion (€726 million) in sales for its Apple TV web streaming set-top box in the last year, pushing the product past the “hobby” label it has previously put on the device.

According to a Reuters report, Apple CEO Tim Cook told shareholders at Apple’s general meeting on Friday “it’s a little more difficult to call it a hobby these days,” revealing the revenue figure for the US$99 per-unit device.

According to people familiar with the matter, Apple is working on an updated version of Apple TV, the Wall Street Journal reported separately.

However, Cook did not reveal to shareholders what new products the firm is working on for fear of being “ripped off” by rivals.

“We’re working on some things that are extensions of things you can see and some that you can’t see,” Cook is quoted as saying.