The U.S. Treasury Department released new figures that show the government has an available cash balance of over $73 billion, while Apple reported they have almost $76 billion stashed under their mattress.
What does this mean, exactly? Not much; the US Government has to pay for services and fund the military and such, and Apple's gaudy total represents profits earned, so we are not trying to compare the two directly.
But the milestone does reflect on the incredible profit growth Apple has experienced in the last few years. In 2005, Apple had a measly $9 billion in cash reserves. As recently as the end of 2010, Apple had $60 billion socked away.
Steve Jobs has said repeatedly that Apple will not go on a buying spree just for the fun of it, which proably has something to do with the fact that the company was a mere 90 days from bankruptcy when he re-took the reins in 1997. "We don't let the cash burn a hole in the pocket or make stupid acquisitions," Jobs said last year. "We think there are one or more strategic opportunities in the future."
Apple, a debt free company that does not pay dividends, will continue to hoard cash until the right opportunity arises. When it does, Cupertino is definitely set to make some waves in the mergers and acquistions world.
Via AppleInsider
