Current Page: Business | | Coronavirus →
Apple Beats Out U.S. Gov't in Wealth

Apple Beats Out U.S. Gov't in Wealth

The federal government could learn a thing or two about generating revenue from Apple. In the latest financial reports, Apple has more cash to spend than the U.S. Treasury Department.

As of July 27, U.S. Treasury reports that the U.S. has a balance of $73.7 billion to spend. Meanwhile, Apple’s most recent financial reports showed a balance of $76.4 billion.

Apple has out-grossed the entire U.S. government by $2.7 billion.

If the government keeps spending about two billion dollars more each month than it gains in revenue, perhaps Steve Jobs, CEO of Apple, can stimulate the US economy by lending some money.

“We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” said Steve Jobs, Apple’s CEO.

Peter Oppenheimer, Apple’s CFO, is optimistic about future revenue.

“Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50.”

Currently, the national debt is at $14.5 trillion and Congress has been in a heated debate for weeks over how much more money the government should be allowed to borrow. Late Sunday night, Congressional leaders and President Obama reached a deal that will increase the government’s borrowing limit as well as cut $2 trillion over the next 10 years. This agreement has brought a sigh of relief to many Americans who feared that the lack of a debt bill could put the U.S. further into a recession and risk the loss of its triple A credit rating.

Meanwhile, Apple is reportedly looking into new business ventures with its high revenue.

"Apple keeps its cards close to its chest," said Daniel Ashdown, an analyst at Juniper Research, according to the BBC. It is believed that Apple is gathering leverage to buy out other businesses. Bookstore Barnes and Noble and the online movie site Netflix have both been tipped as possible targets, Ashdown told the BBC.