Legit News
Apple Now Has More Cash Than The U.S. Government
Here's something to keep in mind if you are following all the issues in the United States over the massive debt of the country and the debt ceiling that the country is about to reach. According to the latest daily statement from the U.S. Treasury, the government had an operating cash balance of $73.8 billion at the end of the day yesterday. Apple's last earnings report showed that the company had $76.2 billion in cash and marketable securities at the end of June. In other words, the world's largest tech company has more cash than the world's largest sovereign government.
As of June 25, 2011, the Company had $76.2 billion in cash, cash equivalents and marketable securities, an increase of $25.1 billion from September 25, 2010. The principal component of this net increase was the cash generated by operating activities of $27.1 billion, which was partially offset by payments for acquisition of property, plant and equipment of $2.6 billion and payments for acquisition of intangible assets of $266 million. The Company believes its existing balances of cash, cash equivalents and marketable securities will be sufficient to satisfy its working capital needs, capital asset purchases, outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months.
Posted by | Fri, Jul 29, 2011 - 11:14 AM
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