Apple is now more cash-rich than the United States government, figures from the US Treasury department show.
The figures, released by the US Treasury department this week, show the country currently has a total operating cash balance of $73.7bn (£44.85bn).
This compares with Apple’s $76.4bn of cash reserves, which it has built up during a phenomenal half-decade of strong sales.
America's cash balance last closed below Apple's levels on July 14, at $42.8bn, with balances fluctuating regularly throughout the month. Last year, the US government had a cash deficit of $1.294 trillion.
Apple said last week that sales of its popular iPad tablet device had more than doubled to 9.25m in the three months to the end of June, while iPhone sales reached 20.3m as quarterly profits doubled to $7.31bn.
Meanwhile, US politicians are struggling to agree a deal on the best way to raise the country’s $14.3 trillion debt ceiling.
Failure to reach agreement by August 2 will mean the government will no longer be able to pay all its bills, leaving markets faced with the prospect of the first ever major default by the US, which would threaten its AAA credit rating.
US President Barack Obama warned on Friday that America was "almost out of time" to reach agreement on a deal, as he renewed his pleas for Republicans and Democrats to work together.
Shares in Apple briefly touched $400 for the first time last week after it announced its quarterly results, and are currently trading in New York at $391.78 a share.
Analysts said that the Californian company should consider either paying a dividend or conducting a share buy-back.
Source: www.telegraph.co.uk
The figures, released by the US Treasury department this week, show the country currently has a total operating cash balance of $73.7bn (£44.85bn).
This compares with Apple’s $76.4bn of cash reserves, which it has built up during a phenomenal half-decade of strong sales.
America's cash balance last closed below Apple's levels on July 14, at $42.8bn, with balances fluctuating regularly throughout the month. Last year, the US government had a cash deficit of $1.294 trillion.
Apple said last week that sales of its popular iPad tablet device had more than doubled to 9.25m in the three months to the end of June, while iPhone sales reached 20.3m as quarterly profits doubled to $7.31bn.
Meanwhile, US politicians are struggling to agree a deal on the best way to raise the country’s $14.3 trillion debt ceiling.
Failure to reach agreement by August 2 will mean the government will no longer be able to pay all its bills, leaving markets faced with the prospect of the first ever major default by the US, which would threaten its AAA credit rating.
US President Barack Obama warned on Friday that America was "almost out of time" to reach agreement on a deal, as he renewed his pleas for Republicans and Democrats to work together.
Shares in Apple briefly touched $400 for the first time last week after it announced its quarterly results, and are currently trading in New York at $391.78 a share.
Analysts said that the Californian company should consider either paying a dividend or conducting a share buy-back.
Source: www.telegraph.co.uk
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