08 May, 2017
Apple has about 80,000 employees in the United States and plans to hire thousands more "in the future", according to Cook. "How do we grow manufacturing?"
Apple has apparently already chosen the company in which it will invest, but won't announce that just yet. "That's another whole topic", Cook said, lightly commenting on current USA tax policy that Apple claims prevents it from repatriating a majority of its overseas cash. "We give back in job creation".
The move ultimately mirrors Trump's long-desired plans to increase manufacturing jobs in the U.S. and stop investing in foreign countries.
"By doing that, we can be the ripple in the pond", Cook said. Since the capital return program was implemented five years ago, the company already gave back more than $211 billion to investors and shareholders.
Apple has been under fire to move its manufacturing to the United States.
CEO Tim Cook revealed late Wednesday that his company has created a $1 billion fund to invest in USA companies developing advanced manufacturing technologies.
Apple claims that current USA tax policy prevents it from repatriating a majority of its overseas cash.
The Cupertino-based company is placing great emphasis on China, with Cook having visited the country at least four times past year, these reports added.
I actually think comprehensive tax reform is so important to this economy. The iPhone maker now has a roughly $256 billion cash hoard. That's down slightly from the 51.1 million sold in the second quarter of FY 2016. Apple sold 50.8 million handsets during the quarter.
Apple announced that in the first quarter of this year sales increased by 5% to $53 billion and net income increased from $10.5 billion to $11.0 billion.
Apple shares hit a 52-week high this afternoon before trading ended. Despite the strong financial results, iPhone and iPad shipments were weaker than consensus estimates, causing many analysts to reduce earnings estimates for the remainder of the year.
