Apple (NASDAQ:AAPL) Bring its Overseas ‘Cash Pile’ Home
Apple Inc. (NASDAQ:AAPL) says it will “contribute” $350-B to the US economy over the next 5 years.
The outlook for Apple is Bullish across the board.
Currently, Apple shares are trading at: 178.68,+2.49, or +1.42%, as of 3:25p EST the market is open.
Also the company said it will make about $38-B in tax payments on its overseas cash pile, and plans to open a 2nd US campus as part of a 5-year, $30-B US investment plan.
Apple said it plans a wave of investing and hiring in the United States and will create 20,000 jobs through hiring at its existing campus and the new one.
Apple will announce the location later this year.
“Combining new investments and Apple’s current pace of spending with domestic suppliers and manufacturers — an estimated $55-B for 2018 — Apple’s direct contribution to the US economy will be more than $350-B over the next 5 years, not including Apple’s ongoing tax payments, the tax revenues generated from employees’ wages and the sale of Apple products,” the company said in a news release.
“We have a deep sense of responsibility to give back to our country and the people who help make our success possible,” CEO Tim Cook said.
The company has data centers in 7 states and Wednesday broke ground on an expansion of its operations in Reno, Nevada, where local officials granted it tax breaks on a downtown warehouse.
Apple did not indicate how much of its cash it will bring back to the United States.
The company said it plans to spend $55-B with US-based suppliers in Y 2018, up from $50-B last year.