Tim Cook On Competition With Samsung And Android: 'We Don't Have Our Heads Stuck In The Sand'

At today's annual Apple shareholder meeting, Tim Cook addressed a question about how the company plans to attack the growing market share of Samsung and Android mobile devices.

According to CNBC's account of the Q&A session with shareholders, Cook said Apple was aware of what the competition is doing.

"We don't have our heads stuck in the sand," Cook said.

Cook also said Apple isn't limiting investment in research and development in order to continue growing its cash pile.

Cook admitted there are a lot of Android devices out there, but also pointed out that market share is more important for attracting a good content ecosystem, something Apple is already good at.

However, Cook didn't offer any specifics on new upcoming products or services that would demonstrate how Apple is thinking about maintaining its market share.