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August 3rd, 2011

PromptLondon

Apple worth more than the US government

Apple worth more than the US government

It says something when a technology company is worth more than the richest country in the world, doesn’t it? Apple apparently has more available cash than the US government. Apple’s latest figures show that it has reserves of $76.4 billion whereas the US treasury department revealed an operating cash balance of $73.7 billion. The legislation to prevent the US defaulting on its loans has just been pushed through the House of Representatives, mere hours before Washington was due to run out of cash. The US still faces a possible downgrade of its AAA credit rating. Meanwhile, Credit Suisse recently rated Apple with an ‘outperform’ rating, predicting huge growth for the company in the next two years; 50 percent annual growth at the top line, with 46 percent growth in profits.

The US has been spending around $200 billion more than it collects in revenue every month whereas Apple’s net income is currently 125 percent higher than last year, with the firm reporting record quarterly profits. Sales of the iPhone and iPad have more than doubled; Apple sold more than 20 million iPhones and 9.25 million iPads in this past quarter alone.

It seems fitting then, that we could recently add one more name to the growing list of iPad fanatics: President Barack Obama. Speaking at a town hall in Washington back in March, Obama disclosed that he owned an iPad but also remained very attached to his BlackBerry. “I took my BlackBerry off for this show, because I didn’t want it going off. That would be really embarrassing,” Obama said at the Washington meeting. News anchor Jorge Ramos (no relation to our own Rob Ramos), then asked the president if he had an iPad. “I do have an iPad,” Obama replied, but would not disclose which model he uses or what he uses it for.

Supporting their commander-in-chief, reports also claim that the US military has now begun testing field use of iPads, in addition to both the US House of Representatives and the British House of Lords opening each of their respective floors to iPad use. It looks like Apple’s plans for world domination haven’t only accrued sizeable funding, they’ve also secured some extremely powerful territory! Let’s hope those plans also have some provision for boosting the prospects of the rest of the global business landscape, which continues to struggle with debt and slow economic growth (and that’s despite touchscreen access to Adele and Angry Birds…)

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Posted in Apple, Technology | 1 Comment »

One Response to “Apple worth more than the US government”

  1. Dave says:

    After today’s financial turmoil, that gap between the US Government and Apple has probably widened sufficiently to store another mountain of iPhone 5s…