Apple Current Affairs
Apple has opened its first store in Southeast Asia at Singapore’s upmarket shopping district. Apple expects this store to be one of the most of the most popular stores in the world.
Most of the earnings for Apple comes from the sales of its flagship iPhone, which of late faces increasingly tough competition in a saturated market.
Apple already has almost 500 stores globally with more than a million visitors daily. Apart from Singapore it has shops located in Hong Kong, China and Japan in Asia.
Apple Inc. is California based technology giant that designs, develops, and sells consumer electronics, computer software, online services, and personal computers. It was born out of Steve Jobs’ garage to reshape modern life with trend-setting gadgets. Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in 1976 to develop and sell personal computers. Later in 1977, it was incorporated as Apple Computer. It was renamed as Apple Inc. in 2007, to reflect its shifted focus towards consumer electronics.
Apple now has a massive $256.8 billion cash stockpile. The tech giant celebrated its 40th anniversary last year.
Apple has reported over $256 billion in cash and marketable securities. In the previous year, Apple’s earnings report for the January-March quarter was $233 billion.
According to the rating agencies, the cash reserve possessed by the company is more than Google, Microsoft and Amazon’s total cash. Compared to Apple’s $256 billion, Microsoft has $126 billion, Alphabet has $92 billion, Amazon has $22 billion and Facebook’s quarter one earnings stood at $29.45 billion.
The reported cash reserve is more than that of the big companies in the world like Verizon, Oracle, Walmart, and Visa among others.
Interestingly, Apple’s cash reserve is 70% more than that of India’s foreign exchange reserve. As on April 28, India’s Foreign Exchange Reserves is equivalent to $371.13 billion. In addition, according to Wall Street Journal, Apple has more cash than the foreign reserves of the United Kingdom and Canada combined.
However, Apple has reported a huge debt of $88 billion. Experts predict that Apple might spend the cash to acquire entities like Tesla Motors, or Netflix or Walt Disney, and to other activities like paying off its debts, more R&D, advertising, constructing a plant in the US, compete with Amazon and Microsoft in cloud computing among others.