Apple Has $202 Billion in Cash – Shares Dip 10%
Ashley Allen / 9 years ago
Apple has earned $202 billion in cash alone – more than any other company – but the tech giant has taken a huge hit on Wall Street. Despite crossing the $200 billion in cash mark for the first time, shares in Apple dipped by as much as 10% this week following a worse-than-expected projection for the latest quarter of 2015. A mixed period has seen iPhone sales down, while growth in China has doubled, and Apple Watch sales are as-of-yet undisclosed.
Apple’s cash haul compares favourably to its closest market rival; Google – producer of the Android mobile operating system – earned $62 billion in cash and marketable securities during the last quarter. Apple’s $202 billion in cash, though, carries some risks. Two Apple shareholders in particular – Carl Icahn and David Einhorn – have been pushing the company to reduce its cash hoard, wanting it to convert it instead into assets. The US taxman is also side-eying Apple’s piggybank, since $158 billion of it is banked overseas, and so out of its jurisdiction.
Despite the promising news of Apple’s growth in China, the country has been hit recently by a financial crisis, with fears that its stock market crash could have a knock-on effect on the company’s trading there. “We remain extremely bullish on China, and we continue to invest. Nothing that has happened has changed our fundamental view that China will be Apple’s largest market at some point in the future,” Apple CEO Tim Cook said. “We are not changing anything. We have our pedal to the metal.”
Thank you Mashable for providing us with this information.