The world's most highly valued tech company now
has more cash on hand than the U.S. Treasury.
STORY HIGHLIGHTS
U.S. Treasury has an operating cash balance of
$73.8 billion -- less than Apple's cash reserves
Apple just became the world's largest smartphone
vendor by volume
(CNN) -- Maybe the cash-strapped U.S. government
should start selling iPads.
According to the latest statement from the U.S.
Treasury, the government had an operating cash
balance Wednesday of $73.8 billion. That's still a lot
of money, but it's less than what Steve Jobs has
lying around.
Tech juggernaut Apple had a whopping $76.2 billion in
cash and marketable securities at the end of June,
according to its
last earnings report
.
Unlike the U.S. government, which is scrambling to
avoid defaulting on its debt, Apple takes in more
money than it spends.
This symbolic feat -- the world's most highly valued
tech company surpassing the fiscal strength of the
world's most powerful nation -- is just the latest
pinnacle for Apple, which has been on an
unprecedented roll.
U.S. debt: How did we get here?
Its Macs, iPhones and iPads remain hot sellers, its
stock has surged past $400 a share and
Apple just became the world's largest smartphone
vendorby volume.
There's been a lot of speculation about what Apple
might buy with its piles of cash -- Facebook and
Sony being two of the more high-profile examples --
but the company doesn't seem to be in any hurry
to make a move.
Via: cnn.com
iGoogle.com
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