Uncle Steve has more cash than Uncle Sam!
Well, not really Steve Jobs, but Apple has now more cash than the U.S Treasury. According to Financial Post, Apple currently boasts a huge cash reserve of US$75.876-billion as of June 2011, while the US treasury department revealed on Thursday that it has just US$73.768-billion in reserves.
It surely comes as a shocker for many. Who in their wildest dreams would have guessed the cash reserves of the world’s largest technology company will overtake the reserves of the world’s most powerful democratic country?
We must note here that the numbers are not directly comparable-
The government’s number represents how much financial headroom it has before bumping up against an arbitrary debt ceiling, while Apple’s cash reserve represents the pile of money the Cupterino, California-based company has available on its balance sheet.
But the stats still reveal the enormous growth of Apple ever since it came out with their branded smartphone in 2007. Till then, Apple used to control the music space with their iPods and were laggards in Computer space. Ever since the iPhone was launched, things changed rapidly and the eventual launch of iPad and it’s continuous domination in the tablet space has rocketed Apple’s growth.
Apple is currently valued at US$363.25-billion, making it the second largest company on the planet, after Exxon Mobil. Interesting days ahead!
Image credit: Bitsnacker