If you have been following the news surrounding the tech industry lately, then you are most likely aware of all the success stories about Apple. The Cupertino company just seems to be hitting milestone after milestone of success and it looks like it's not going to change anytime soon. Just last week we have brought to you the news that Apple is now the no. 1 smartphone manufacturer in the world toppling Nokia from the top. And some weeks before that we have seen the App store break new ground by exceeding 15 billion total app downloads. Among others, it is safe to say that this year is indeed Apple's biggest yet. And as if that isn't enough, according to a report, Apple is now richer than the United States government.
Apparently, according to a news report by Financial Times, the fruit company that's responsible for the mega-popular iPhone and the hit tablet iPad, is now richer than the US government with cash reserves of $75.876 billion. A number that's rooted from Apple's quarterly earnings. On the other hand, the world's most powerful government has a total operating balance of $73.786 billion. This makes the Cupertino giant $2 billion richer than the government of the United States.
According to Financial Times:
Steve Jobs is now more liquid than Uncle Sam.
While it’s highly unlikely that President Barack Obama is looking to ask the founder and chief executive of Apple Inc. for a loan, it became a fact as of Thursday afternoon — the world’s largest technology company now has more cash on hand than the most powerful democracy on Earth has spending room.
As Republicans and Democrats continue to work towards a compromise to the country’s debt ceiling crisis, the U.S. Treasury Department said on Thursday that Washington now has a total operating balance of only US$73.768-billion.
Meanwhile, Apple currently boasts a cash reserve of US$75.876-billion, as of its most recent quarterly earnings report at the end of June.
But of course, the two figures aren't exactly directly comparable. One figure represents the pile of money that Apple has on its balance sheet while the other represents the US governments financial headroom before bumping an arbitrary debt ceiling.
Comparable or not, this does give one an idea just how profitable Apple has become as a company. Although things were rather slow for the company when they introduced the Mac in 1998, its meteoric rise occurred when the company launched the iPhone back in 2007.
Still, the numbers show just how powerful Apple has become since the launch of the iPhone in 2007. Earlier this week, shares of Apple began trading North of US$400 on the Nasdaq Stock Market for the first time in the company’s history.
Apple’s market capitalization currently stands at US$363.25-billion, making it the second largest company on the planet, after Exxon Mobil.
Things are definitely looking up for Apple, financially speaking. But the Cupertino company is not slowing down yet. Apple is expected to launch a couple of hardware this year, most notably the iPhone 5 and the next iPad, which will only serve to solidify Apple's standing as one of the largest company in the planet. [via FinancialTimes]Contact Us for News Tips, Corrections and Feedback