CUPERTINO, California (Reuters) - Apple Inc. has no plans to declare a dividend or buy back stock, chief executive Steve Jobs told the annual meeting of shareholders yesterday, adding that iPhone sales were on track.

Mr. Jobs said he was confident that Apple would hit its 2008 sales target of 10 million iPhones, a figure which some analysts have questioned in the face of a weaker US economy, and executives said the communications device would reach Asian markets this year.

But chief operating officer Tim Cook was elusive on timing for selling into the key market of China.

"We will enter Asia with the iPhone in 2008...we will one day enter China, we're not saying when, and we will one day enter India," Mr. Cook said.

Mr. Jobs was asked if the company planned to start paying a dividend or initiate a stock buyback program. "At this time, we have no plans to do either," he told shareholders.

The company's stockpile of cash and short-term investments topped $18 billion at the end of last year, leading to speculation about how the maker of iPods, iPhones and Macintosh computers might spend some of its cash reserves.

Shares of Apple were up 57 cents at $122.30 in afternoon trade on Nasdaq.