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Post from Matt Hartley
Matt Hartley is an award winning Toronto-based writer and journalist with The National Post newspaper where he writes about technology and the Internet for the Financial Post.
As editor of the FP Tech Desk, he is responsible for overseeing technology coverage for the Financial Post.
A product of the Queen’s Journal journalism factory at Queen’s University, his stories have also appeared in the The Globe and Mail, in numerous technology magazines and across the Postmedia Network chain of newspapers.
Steve Jobs is now more liquid than Uncle Sam.
While it’s highly unlikely that President Barack Obama is looking to ask the founder and chief executive of Apple Inc. for a loan, it became a fact as of Thursday afternoon — the world’s largest technology company now has more cash on hand than the most powerful democracy on Earth has spending room.
As Republicans and Democrats continue to work towards a compromise to the country’s debt ceiling crisis, the U.S. Treasury Department said on Thursday that Washington now has a total operating balance of only US$73.768-billion.
Meanwhile, Apple currently boasts a cash reserve of US$75.876-billion, as of its most recent quarterly earnings report at the end of June.
Of course, the numbers aren’t 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 Cupertino, California-based company has available on its balance sheet.
Still, the numbers show just how powerful Apple has become since the launch of the iPhone in 2007. Earlier this week, shares of Apple began trading North of US$400 on the Nasdaq Stock Market for the first time in the company’s history.
Apple’s market capitalization currently stands at US$363.25-billion, making it the second largest company on the planet, after Exxon Mobil.
Source :- http://business.financialpost.com
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