“How much cash does Apple have? So much that even the hard-bitten investment analysts who cover the company for a living are sometimes in awe,” Brian Caulfield reports for Forbes.
“With automakers, insurance companies and banks going to the U.S. government and begging for bailout money, Apple Chief Executive Steve Jobs took a moment during last month’s earnings conference call to call attention to his company’s massive $24.5 billion pile of cash and short-term investments,” Caulfield reports.
‘I think you could hire almost every engineer in Silicon Valley on a lifetime employment contract and not really dent that significant cash horde that you have,’ Bernstein Research senior analyst Toni Sacconaghi said on the earnings call,” Caulfield reports. “‘There’s going to be some significant opportunities,’ Jobs replied dryly. ‘I think hiring every engineer in Silicon Valley is a good idea, though. Thanks.'”
Caulfield reports, “The bottom line: Jobs is the king of cash, he can do anything.”
Full article here.
[Thanks to MacDailyNews Reader “Carl H.” for the heads up.]
King Steve the first. All hail the King.
Jobs is King, period.
Better use it before it gets “redistributed.”
Great article, MDN. But this financial solidity will do absolutely nothing to protect AAPL from the coming (further) meltdown, I fear. There is an aphorism in economic lore that bad money drives out good. The same applies with equities: the besotted dogs will take the graceful dolphins down with them.
The campaign is over, Metryq. You can let go of the talking points, especially since they obviously failed.
Metryq is just using the President-Elect’s own words. Now that the campaign is over, the redistribution is just about guaranteed. That’s the policy he ran on, and we all know that politicians always do what they say they will do.
R2,
I am sick of the campaign too. It is starting up again for 2010/2012.
But Metyq is just having fun.
There is nothing wrong with a little good natured ribbing.
It is a promise that money will be taken away from “those who don’t really need so much…”
Sounds a bit like Apple, wouldn’t you say?
Personally, I can’t wait to see if the glazed-over eyes of Obama supporters snap into focus when the shit hits the fan or if they are so far gone they’ll continue in denial ad infinitum.
You poor saps actually voted for “change” undefined.
I mean, I knew you Americans were getting stupider with each passing year, but this one takes the cake!
A little advice that you won’t take because you’re too busy watching Oprah: Change merely for the sake of change is dangerous at any time. In today’s world climate, it may be deadly.
Thank you dumbed-down American dunces for voting in a smooth talking empty suit and not McCain.
That would have seriously curtailed my plans.
Imagine what Jobs could do for US if he was a president.
Unless the economy starts to show a turn for the better, I don’t think all this cash will help Apple in the long run. You customers must be able to buy your products. If not, what is the purpose. Sure all this cash will help them weather these bad times, but it all depends on how long the bad times last.
“‘There’s going to be some significant opportunities,’ Jobs replied dryly. ‘I think hiring every engineer in Silicon Valley is a good idea, though. Thanks.'”
Apple hired an additional 11,000 employees in the last year, while every other company in Silicon Valley was shedding employees like my cat sheds fur!
Maybe Steve was one step ahead of that suggestion!
“Imagine what Jobs could do for US if he was a president.”
Hard to be sure, Jobs saves money, so perhaps the natioal debt would be attacked finally, but then again Jobs called gay marriage a civil right. Jobs also stated that Al Gore could be president, not sure Jobs is too smart on all topics.
Good points but you should consider that what Steve Jobs does do VERY well, is seeing the big picture AND puts together good teams.
BUT, is he going to offer a million dollars to someone if they will let him cut off their right arm like Bill Gates did?
http://www.billgatesmicrosoft.com/
Jobs for President..??
First question : Running as a Republican, Democrat, or Independent?
It has been proven that there are a lot of people who just won’t see past those labels!!
@Vladimir Putin;
Perhaps you should read the occasional American newspaper – the Washington Post in particular. It had a very good article yesterday that outlined some of the UNtraditional names being considered for some very traditional Washington jobs.
True, change for change’ sake is rarely good, but when it is done to prevent one’s country from repeating stupid mistakes from the past, change can be a very good thing!
Obama DID define that change – it is the change we need to move this country forward, not backwards, like we’ve been doing.
The Republican Party used to be the small government party devoted to individual liberty.
I guess the Patriot Act coupled with the new Homeland Security Department puts the lie to that one, huh? I think they’ve lost their way.
Jobs as President, with Al Gore as his running mate !
Obama is going to be more like Bush and McCain would have been more like what Obama was promising. Funny how politics works isn’t it.
Let’s hope that no one actually every turns up Obama’s real Kenyan Birth Records or we’ll be dealing with President ” facts and truth just getting in my way” Biden.
“The Republican Party used to be the small government party devoted to individual liberty….”
Ah, yes.. the good old days
Let’s hope that no one actually every turns up Obama’s real Kenyan Birth Records
wouldn’t matter, the Democrates are in charge, and they never turn on their own.
@ Fruit
Your tinfoil hat is crooked.
The cash will last until the Big O gets to it…
“Jobs replied dryly. ‘I think hiring every engineer in Silicon Valley is a good idea, though. Thanks.'”
What he probably said was, ‘I ‘DON’T’ think hiring every engineer in Silicon Valley is a good idea, though. Thanks.'”
@which party?
“It has been proven that there are a lot of people who just won’t see past those labels!!”
We all know how much SJ hates labels! Stickers too!
“The Republican Party used to be the small government party devoted to individual liberty.”
Yeah about 150 years ago, before the parties shifted angles. Don’t make blanket statements…the problem with them is that people start to believe them over time.
Steve Jobs isn’t king, he’s just really smart. He knows his shite. Plus he has really good people working for him.
You mean Overstock.com?
@Vladimir Putin
Oh no, not the commie fear mongering all over again. I thought that died in the 80′.
War is profitable. It’s just like any other business, in incurs risks but it can also pay back handsomely. Russia might have a lot of oil, but it still needs customers with liquidity to buy it, and investment to drill it out. Nope, the cold war will not happen again, or at least not in the same way you would love to see. The world is more interdependent as globalization is no longer an idea, but a reality. Russia can not form a strong enough coalition to do anything anymore. The cold war has ravaged their economy and if you think the U.S. is in trouble, think again. It’s the world economy that is in trouble. Russia has had to stop it’s stock market from trading several times this year. They have not the power of influence they once had. Why do you think all this posturing is happening.
Metryq and Au contraire,
No mention was ever made by any candidate about redistributing wealth already earned and in the bank. When tax cuts are given to the ultra-wealthy, that is also redistribution. When things start working again and we are once again respected around the world will you admit you were wrong? No, it will be the great silence.
Windfall Tax- just say’n
Dear Blind Fscks,
Reuters (Thu Nov 6, 1:17 am ET): Putin may return to Kremlin in ’09: report
Russian President Dmitry Medvedev could resign from his post in 2009 to pave the way for Vladimir Putin to return to the Kremlin, Vedomosti newspaper reported on Thursday, citing an unidentified source close to the Kremlin.
Medvedev Wednesday proposed increasing the presidential term to six years from four years, a step the newspaper said was part of a plan drawn up by Vladislav Surkov, who serves as Medvedev’s first deputy chief of staff.
Under the plan, Medvedev could implement changes to the constitution and unpopular social reforms “so that Putin could return to the Kremlin for a longer period,” the newspaper said.
“Under this scenario Medvedev could resign early citing changes to the constitution and then presidential elections could take place in 2009,” the newspaper said, citing the unidentified source close to the Kremlin.
The paper said Putin, who is currently prime minister, could then rule for two six year terms, so from 2009 to 2021. The paper cited Putin’s spokesman as saying he saw no reason for Putin to return to power in 2009.
Investors, already jittery over the impact of the financial crisis on Russia’s economic boom, are trying to work out who is really in charge of Russia, the biggest question for those seeking to ascertain political risk.
They are seeking any details on how the current set up — with Medvedev as president and Putin as prime minister — could change. During Medvedev’s speech Wednesday the Russian stock market erased most of the gains it made earlier in the day.
http://news.yahoo.com/s/nm/20081106/wl_nm/us_russia_medvedev_putin
Good job Obamatards. The blood will be on your hands.
What windfall tax? They’ve already paid their taxes on that money.
“Good job Obamatards. The blood will be on your hands.”
Where does this article say anything about Obama…?
Nathan,
Obama has no foreign policy experience – or much of any other meaningful experience for that matter – and Biden is a total fsck up whose foot is perpetually in his mouth.
Putin will toy with the totally naive Obama and the U.S.
This election could go down as a total disaster for the U.S. simply because easily-duped people were told they wanted “change” by the media.
Change for change’s sake is folly.
Maybe we’ll be lucky, but the fact is: nobody knows what the heck we’re getting with Obama besides a guy who can read the teleprompter well and whose past votes side with the radical left.
Uh, uh oh, what did we do?
Uh, I mean, it’ll be okay, right? He’s speaks well, he’s way younger than McCain, he’s black, and Oprah, Hollywood, Europeans, the Taliban, and the media elite love him, so…
Fsck, I’m stupid.
McCain=PC
Obama=Mac
Plain and simple!
obamac,
“Plain and simple.” If you’re describing yourself, you’re dead on, simpleton.
Steve
I guess you read the same newspapers as Palin and think Africa is a country.
Haven’t the Obamatards read the newspaper the last couple of days? Just FOUR HOURS after Obama’s election, Russia freaked out Eastern Europe by declaring they will deploy short-range NUCLEAR MISSILES on their border targeting Poland and the Baltics. As if that wasn’t enough, they declared they will jam NATO early warning radars to be deployed on the soil of Poland and the Czech Republic. Get all that? Do you any of you reality-challenged “change” voters think that’s what Russia would have done if McCain had been elected. Any word from The One on how he will react? Is this the “change” we’ve all been waiting for???
Is it too late for a “do over?”
Can’t we just say that the easily manipulated among us messed up and can we please have McCain instead?
@Kate
Bush is STILL in office and what has Bush said he will do about the short-range missiles? Huh? It is still HIS problem.
Relax, sweety, anyone can act tough. GW has been acting tough to make up for his insecurities for 8 years.
Obama will be tough when he has to, but only after considering long and hard the risk to American soldiers and innocent civilians. Something GW never considered.
iamdj,
Yeah, Bush “never considered the risks to American soldiers and innocent civilians.”
Are you serious? If so, do you understand, even remotely, how silly you sound?
Fscking retards.
Get real, before it’s too late – oh wait, it might already be.
Ugh. I think I’ll come back next March when all of this campaign bullshit is out of everyone’s system.
Okay, but the point of the article wasn’t to note that Apple has huge stacks of cash.
That’s not news.
The point of the exercise is to ask readers “What should Apple do with all that cash?”
Seriously, I could ask analysts, or speculate on it all day. But I’m more interested in what hard-core Apple people think.
What should Apple do with all that cash? Come over to Forbes.com and tell us.
http://rate.forbes.com/comments/CommentServlet?op=cpage&sourcename=story&StoryURI=2008/11/05/tech-cash-kings-tech-enter-cx_bc_1105cashkings.html
I thought the topic was Apple’s cash?
Actually, wealth redistribution began under BUsh Jr., who decided to funnel taxpayer funds to Wall Street hustlers/losers who couldn’t survive the repercussions of their own chicanery/stupidity in the free market.
But Metryq is right… All you Lib Mac fanboys voted for this socialist idiot..
Steve ought to give some of the 25 billion to welfare bums, crackheads, and other people not interested in employment…
President Hussein said to Share the Wealth!!! Time to Jump in!!!!! Time to be Patriotic!! Spread it around!!! Come on Mr. Jobs, …. You’re a bleeding heart liberal… Give some of Apple’s hard earned money away to trash like Peggy Joseph (she needs gasoline and her mortgage paid)… You don’t need all that money!!
PS.. Stock market hits record 2 day crash!!!! Sounds like investors are crazy about the prospect of President Socialist..
The King has no clothes.
Is this a Macintosh board or a political board?
If you want to get political, realize that Apple spent $100,000 to fight Proposition 8 in California, extends benefits to same-sex couples, has a primarily liberal workforce, and that Steve Jobs almost certainly voted for Obama. Given this, why don’t all of you who are so scandalized by Obama’s victory–Obama’s overwhelming victory–dump your Macs, buy PCs, and find some other board on which to spread your ignorance and hate?
2008 turnout same as or only slightly higher than 2004.
So much for the huge groundswell of excitement for Obama.
Fake media creation.
57.7 million people or 46.2%, nearly 1 out of every 2 voters voted for John McCain.
57.7 million people voted against Barack Obama.
John McCain carried 22 states of of 50. Nearly half of the United States voted for McCain, not Barack Obama.
Barack Obama: Empty suit. Fake media creation that every other voter did not want in office.
This is what a real landslide and mandate looks like:
1984: Ronald Reagan carried 49 states – 21 more states than Barack Obama – and garnered nearly 60% of the vote, 20 points higher than his inept Dem challenger, Mondale.
I now return you to Mainstream Media Fantasyland, where everyone loves Barack Obama and his giant landslide victory / mandate and cannot wait for his lavish over-the-top, expensive inaugural ball packed with uneducated Hollywood celebrities.
“Imagine what Jobs could do for the US as President”
Perhaps he’d start by shipping all manufacturing jobs to China, while ignoring all international matters outside his area of focus. Face it. Even Jobs is subject to the Peter Principle.
@media
The way you throw around numbers is the same way any campaign and news media can hire any so-called expert to lie and twist numbers to make their point. What is your point? Once the majority of this country also believe in slavery, does that make it right? The voting rights acts for women and persons of color also barely passed, does that diminish their meaning and impact? Some can easily interpret the numbers you throw out as proof of how much obstacle Obama overcame despite all the lies against him and the obvious unspoken bigotry and racism that still exists.
– Number of states carried is meaningless since they do not reflect true distribution of voters intent within each state as you seem to want to point out.
– Bush won by less in 2004 and even won without majority vote in 2000. Does that make you proud of our ‘democracy’?
– How do you compare the campaign ran by the Mondale team vs. Reagan’s? And compare that with today’s politics and the 2 camps this year?
– How do the political, world, and economic landscape compare between the 2 eras you are trying to compare?
– Please provide us with the ethnic, age, and household income breakdown of the votes for Reagan and compare that with those who voted for McCain and Obama and tell us if that is the “will” of all the people.
– I’m registered Republican and voted for McCain in the last 3 primaries. Only people like you believe in the media and get swayed one way or another by the hype. The rest of us think and judge for ourselves and we do not need you or the media to tell us your judgment.