As Congress squabbles over the debt crisis, it has been reported that Apple has more cash in reserve than the United States government. Based on Apple’s quarterly financial report, the tech giant that has spawned the iPad, iPod and the iPhone has $76.4 billion in reserve cash. The Treasury Department is clutching to just $73.7 billion.
Apple’s quarterly results come at a time when the U.S. is working to raise the country’s debt ceiling, allowing the government to borrow more money to pay its bills.
Despite having plenty of cash on hand, Apple continues to keep its cards close to its chest. Industry observers believe that the company is stockpiling cash for strategic acquisitions of other businesses. However, others believe the cash may soon come in handy as the company is rumored to be venturing into the television business.
Thanks to a very good quarterly earnings report, Apple’s stock was trading above $400 per share earlier this week. Apple’s market capitalization currently stands at $364 billion, making it the second largest company on the planet, after Exxon Mobil.
While you could call this an apples-to-oranges comparison, it’s interesting to note that the world’s largest tech company has a thicker wallet than the world’s largest sovereign nation.