Apple Current Affairs - 2020

Apple’s Cash Reserve worth 2/3rd of India’s Forex Reserve

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.

Apple Inc opens Development Office in Hyderabad

US personal and consumer technology giant Apple Inc. opened a new Development Office in Hyderabad, Telangana.

The office was formally opened by Apple’s CEO Tim Cook who is on official visit to India.

The facility located on the Waverock campus will focus on development of Maps for Apple’s flagship products, including iPad, iPhone, Mac and Apple Watch.

The new facility will provide a world-class, LEED-certified home for the expanding Maps team and create up to 4000 jobs.

iOS App Design and Development Accelerator

Apple Inc. also announced to open a new iOS App Design and Development Accelerator in Bengaluru, Karnataka. It will aim at supporting engineering talent and accelerating growth in India’s iOS developer community.

The facility is expected to open in early 2017. It will facilitate India’s iOS developers to hone their skills and transform the design, quality and performance of their apps on the iOS platform with support from Apple’s team.