31 July 2011 | Category: Electronics
According to a statement released by the US Treasury Department, the Apple corporation now has more liquid assets and marketable securities than the US government.
In mid-July, Apple reported all-time high quarterly earnings of $28.57 billion. The technology empire showed a profit of $7.31 billion, and the Treasury report said that Apple had $76.2 billion in cash. At the same time, the US government had $73.8 billion in cash.
The main difference, however, is that the federal government brings in more money from tax revenue, making the numbers from the Treasury report slightly misleading. The government's numbers represent the cash on hand before it hits the "debt ceiling." All of Apple's money is in liquid assets.
The more dramatic difference lies in federal spending as opposed to Apple. The US government spends upwards of $10 billion a day, which shows that the Apple corporation's massive wealth would last about a week in the hands of the federal government.
The secret to Apple's success currently lies in their domination of the smart phone market with the immensely popular iPhone. With the release of a new model later this year, Apple's sales are expected to remain ahead of their competitors.