Apple makes $1B commitment toward more US manufacturing jobs

Posted May 06, 2017

As Apple's stash of cash grows, so does the possibility that the world's most valuable company will use some of the money for a huge acquisition that would expand its empire beyond iPhones and other gadgets. He said he expects sales performance in China to improve in the current quarter. So far, the guessing game has primarily focused on possible targets such as Netflix and Tesla Motors. "This doesn't make sense on a broad basis", he said. Apple is stressing its importance to USA business at a time when President Trump has proposed major tax changes to allow companies to repatriate accumulated profits from overseas at lower tax rates.

Apple sold 50.76 million iPhones in its fiscal second quarter ended April 1, down from 51.19 million a year earlier.

"You can bet we're going to be hiring thousands of employees in the future, thousands more employees in the future", Cook said. Buying Disney would be expensive. The company reported earnings of $2.10 per share on revenue of $52.9 billion.

It may also be the case that Apple is wary of launching an imperfect device after witnessing the experience of its chief rival Samsung with its Note7 device past year, which faced a total recall costing the company billions due to a potentially unsafe defect. The company has a market capitalization of $771.56 billion, a P/E ratio of 17.65 and a beta of 1.26. "Our growth rates are good, really good by most people's expectations, maybe not mine as much", he said.

In recent years, Apple has used a large chunk of its cash to provide its shareholders with extra income.

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Investors were unmoved, sending shares of the world's most valuable listed company down 1.9pc at $144.65 in after-hours trading. Ltd. now owns 9,457,769 shares of the iPhone maker's stock valued at $1,096,072,000 after buying an additional 8,571,027 shares in the last quarter.

Doing a mega-deal would be a major departure for Apple, whose largest acquisition to date was its US$3b purchase of Beats Electronics in 2014 that helped launch its music streaming service.

Apple is among a growing number of companies announcing moves to add to American jobs in the wake of the election of President Donald Trump, who campaigned on bringing jobs back from overseas.

He was asked whether the California-based company is under-penetrated in India and if it needs to work with the government to have Apple-owned stores or production given the great opportunity in the country.

The Cupertino-based company is placing great emphasis on China, with Cook having visited the country at least four times past year, these reports added. Apple earned $7 billion in revenue from services, almost $1 billion more than in the second quarter of a year ago.