Eric Risberg, Associated Press
In this Monday, March 9, 2015 photo, Apple CEO Tim Cook applauds at the conclusion of the Apple "Spring Forward" launch event in San Francisco. Cook took a figurative victory lap at his company’s annual shareholder meeting Tuesday, one day after he announced details about the new smartwatch Apple plans to sell next month.

CUPERTINO, Calif. — Apple CEO Tim Cook took a figurative victory lap at his company's annual shareholder meeting, one day after he announced details about the new smartwatch Apple plans to sell next month.

Last year, some investors had voiced frustration over Apple's lagging stock, but no complaints were heard Tuesday. Apple shares are up 65 percent from a year ago, the company reached a market value of $700 million and will soon bump AT&T to join the benchmark Dow 30 index.

Apple had an "unbelievable" year in 2014, Cook told shareholders during an otherwise low-key speech, citing the sale of 200 million iPhones and total revenue of $200 billion. Cook promised to continue working on diversity issues; civil rights leader Jesse Jackson and an Apple shareholder urged him Tuesday to include more minorities in Apple's leadership.