August 2, 2011

Apple cash-richer than US government?

by Jan Harris

Technology giant Apple announced record third-quarter figures last month and with cash reserves of $76.4bn it has more spending money than the USA, which has operating cash of $73.7bn according to the US Treasury.

Apple is rumoured to be planning to spend its cash on strategic acquisitions which could boost its product portfolio, as well as technology patents.

In the three months to 25 June 2011 the company’s net income was $7.31 billion, 125% higher than the 2010 third quarter.

The comparison of Apple and the US pales into insignificance in the face of the whopping $14.3 trillion of debt currently available to the country’s government.

Congress is due to vote on a deal to increase this by $400 billion so that the country can pay its immediate bills, with another increase of $500bn until February.

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