Apple Computers made history this week, becoming the first company to hit a market cap of $1 trillion in the United States.
According to CNBC, the technology giant that began in a California garage was valued over $1T as its shares hit a record high of $207; posting gains of over 3%.
“Based on a recently adjusted outstanding share count of 4,829,926,000 shares, a stock price of $207.05 nudged Apple over the finish line in the race to $1 trillion. Investors had previously been looking for a share price of $203.45, but the company’s hefty stock buybacks moved the threshold higher,” writes CNBC.
“I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades,” said one industry insider. “This is not the end, that they hit $1 trillion. I view this as just kind of speaking to a new stage of growth and profitability.”
Read the full report here.
APPLE RETURNS: Computer Giant to Bring $200 BILLION Back to USA
Multiple sources are reporting that Apple Computers is likely to repatriate upwards of $200 billion into the United States following the passage of the GOP tax legislation; citing a key provision that allows international corporations to bring American dollars back to the country at a reduced rate.
“Apple has been actively preparing to repatriate over $200 billion in overseas cash since 2016. With the Tax Cuts and Jobs Act of 2017 cutting the repatriation tax rate to 15.5 percent, Apple can now bring all of its foreign profits back to the U.S. at a nearly 20 percent discount,” writes VentureBeat.
According to CNBC, Apple CEO Tim Cook said that bringing the funds back to the US is “what’s good for America.”
“The issue is not that there’s a tax on international earnings. The issue is the existing tax has been crazy,” Cook said. “No one would bring it back at a 40 percent—I mean, 35 percent federal and then state taxes. That’s the problem. I think it’s smart for the United States to have some kind of tax revenue for international earnings—if that tax were reasonable.”
The move comes as other American corporations react overwhelmingly positive to the GOP tax cuts. Major companies, such as AT&T, American Airlines, Boeing, and more doled out large holiday bonuses to US-based workers following the passage of the bill.
APPLE RETURNS: Tech Giant INVESTS $350 BILLION in USA, Creates 20,000 JOBS
Technology giant Apple Computers announced on Wednesday that it will re-invest over $350 billion in the United States following the recently passed GOP tax cuts; pledging to create 20,000 new jobs throughout the country and pay over $40 billion in repatriation taxes.
According to CNBC, Apple confirmed its new plan to commit $350 billion to the US economy over the next five years, saying it will create tens of thousands of new jobs and at least one new campus.
The computer and smart-phone manufacturer expects to pay nearly $40 billion in taxes when it repatriates the large sums of money held overseas, citing the recently passed tax legislation as a key motivator in re-patriating offshore accounts.
“Apple also said it would spend over $30 billion in capital expenditures over the next five years. About $10 billion in capital expenditures will be investments in U.S. data centers,” writes CNBC.
“Apple today announced a new set of investments to build on its commitment to support the American economy and its workforce,” said the official statement. “Apple’s direct contribution to the US economy will be more than $350 billion over the next five years, not including Apple’s ongoing tax payments, the tax revenues generated from employees’ wages and the sale of Apple products.”
“We have a deep sense of responsibility to give back to our country and the people who help make our success possible,” Apple CEO Tim Cook said in a statement.